{smcl}
{com}{sf}{ul off}{txt}
{com}. 
. global filters="nexamined>=10 & tc<39 & year_action<2010 & rounds_before_patent_FA<5 & patent_approved==1"
{txt}
{com}. global filtersNC="nexamined_nc>=10 & tc<39 & year_action<2010 & rounds_before_patent_FA<5 & patent_approved==1"
{txt}
{com}. global filtersCCD="nexamined>=10 & tc<39 & year_action<2010 & rounds_before_patent_FA<5 & pat_approved_ccd==1"
{txt}
{com}. global filtersVC="!(made_it_to_next_round_`i'y==0 & first_pat_act_date+365.25*`i'>= Exit_Date)"
{txt}
{com}. global filtersRejected="nexamined>=10 & tc<39 & year_action<2010 & rounds_before_patent_FA<5 & patent_approved==0"
{txt}
{com}. 
. 
. ****************
. *** FIGURE 1 ***
. ****************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. xi: reghdfe pat_clm_ct instrument_ind_claims, absorb(ind_year_fe state_num) vce(cluster gau)
{res}{txt}(dropped 407 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,521
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    443{txt}){col 67}= {res}     80.14
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1614
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0648
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0072
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    2.5325

{txt}{ralign 87:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}           pat_clm_ct{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
instrument_ind_claims {c |}{col 23}{res}{space 2} .5205982{col 35}{space 2} .0581526{col 46}{space 1}    8.95{col 55}{space 3}0.000{col 63}{space 4} .4063089{col 76}{space 3} .6348875
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} 1.657459{col 35}{space 2} .1685847{col 46}{space 1}    9.83{col 55}{space 3}0.000{col 63}{space 4} 1.326134{col 76}{space 3} 1.988784
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2172{col 27}{space 1}     2172{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         g sample=e(sample)
{txt}
{com}. xi: areg instrument_ind_claims if sample==1, absorb(ind_year_fe) robust cluster(gau)

{txt}Linear regression, absorbing indicators{col 49}Number of obs{col 67}= {res}    21,521
{txt}Absorbed variable: {bf:ind_year_fe}{col 49}No. of categories{col 67}= {res}     2,172
{txt}{col 49}{help j_robustsingular##|_new:F(   0,    443)}{col 67}=          {res}.
{txt}{col 49}Prob > F{col 67}=          {res}.
{txt}{col 49}R-squared{col 67}= {res}    0.6618
{txt}{col 49}Adj R-squared{col 67}= {res}    0.6238
{txt}{col 49}Root MSE{col 67}= {res}    0.4154

{txt}{ralign 78:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}ins~d_claims{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}_cons {c |}{col 14}{res}{space 2} 2.899003{col 26}{space 2} 4.28e-18{col 37}{space 1} 6.8e+17{col 46}{space 3}0.000{col 54}{space 4} 2.899003{col 67}{space 3} 2.899003
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         predict error_scope if e(sample), residuals
{txt}(8,412 missing values generated)

{com}. drop sample 
{txt}
{com}. 
. xi: reghdfe lag_app_to_first_action instrument_lag if dallowed==1, absorb(ind_year_fe state_num) vce(cluster gau)
{res}{txt}(dropped 403 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,752
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    444{txt}){col 67}= {res}   1415.95
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.6231
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5800
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2086
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       445{txt}{col 51}Root MSE{col 67}= {res}    0.5750

{txt}{ralign 80:(Std. Err. adjusted for {res:445} clusters in gau)}
{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28}    Robust
{col 1}lag_app_to_f~n{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
instrument_lag {c |}{col 16}{res}{space 2} .5279944{col 28}{space 2} .0140316{col 39}{space 1}   37.63{col 48}{space 3}0.000{col 56}{space 4} .5004178{col 69}{space 3} .5555709
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} .8051583{col 28}{space 2} .0209326{col 39}{space 1}   38.46{col 48}{space 3}0.000{col 56}{space 4} .7640189{col 69}{space 3} .8462976
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2180{col 27}{space 1}     2180{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         g sample=e(sample)
{txt}
{com}. xi: areg instrument_lag if sample==1, absorb(ind_year_fe) robust cluster(gau)

{txt}Linear regression, absorbing indicators{col 49}Number of obs{col 67}= {res}    21,752
{txt}Absorbed variable: {bf:ind_year_fe}{col 49}No. of categories{col 67}= {res}     2,180
{txt}{col 49}{help j_robustsingular##|_new:F(   0,    444)}{col 67}=          {res}.
{txt}{col 49}Prob > F{col 67}=          {res}.
{txt}{col 49}R-squared{col 67}= {res}    0.5932
{txt}{col 49}Adj R-squared{col 67}= {res}    0.5479
{txt}{col 49}Root MSE{col 67}= {res}    0.5593

{txt}{ralign 78:(Std. Err. adjusted for {res:445} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}instrument~g{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}_cons {c |}{col 14}{res}{space 2} 1.491824{col 26}{space 2} 3.01e-18{col 37}{space 1} 5.0e+17{col 46}{space 3}0.000{col 54}{space 4} 1.491824{col 67}{space 3} 1.491824
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         predict error_timing if e(sample), residuals
{txt}(8,181 missing values generated)

{com}. drop sample
{txt}
{com}. 
. scatter error_scope error_timing if error_scope>=-4 & error_scope<=4, ytitle("Examiner average independent claims per patent (residual)") xtitle("Examiner average first-action examination time (residual)") graphregion(color(white)) 
{res}{txt}
{com}. binscatter error_scope error_timing if error_scope>=-4 & error_scope<=4, ytitle("Examiner average independent claims per patent (residual)") xtitle("Examiner average first-action examination time (residual)") graphregion(color(white)) nquantiles(100)
{res}{txt}
{com}. drop error_scope error_timing
{txt}
{com}. 
. 
. ****************
. *** FIGURE 2 ***
. ****************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. xi: reghdfe pat_clm_ct instrument_ind_claims, absorb(ind_year_fe state_num) vce(cluster gau)
{res}{txt}(dropped 407 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,521
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    443{txt}){col 67}= {res}     80.14
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1614
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0648
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0072
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    2.5325

{txt}{ralign 87:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}           pat_clm_ct{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
instrument_ind_claims {c |}{col 23}{res}{space 2} .5205982{col 35}{space 2} .0581526{col 46}{space 1}    8.95{col 55}{space 3}0.000{col 63}{space 4} .4063089{col 76}{space 3} .6348875
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} 1.657459{col 35}{space 2} .1685847{col 46}{space 1}    9.83{col 55}{space 3}0.000{col 63}{space 4} 1.326134{col 76}{space 3} 1.988784
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2172{col 27}{space 1}     2172{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         g sample=e(sample)
{txt}
{com}. xi: areg instrument_ind_claims if sample==1, absorb(ind_year_fe) robust cluster(gau)

{txt}Linear regression, absorbing indicators{col 49}Number of obs{col 67}= {res}    21,521
{txt}Absorbed variable: {bf:ind_year_fe}{col 49}No. of categories{col 67}= {res}     2,172
{txt}{col 49}{help j_robustsingular##|_new:F(   0,    443)}{col 67}=          {res}.
{txt}{col 49}Prob > F{col 67}=          {res}.
{txt}{col 49}R-squared{col 67}= {res}    0.6618
{txt}{col 49}Adj R-squared{col 67}= {res}    0.6238
{txt}{col 49}Root MSE{col 67}= {res}    0.4154

{txt}{ralign 78:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}ins~d_claims{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}_cons {c |}{col 14}{res}{space 2} 2.899003{col 26}{space 2} 4.28e-18{col 37}{space 1} 6.8e+17{col 46}{space 3}0.000{col 54}{space 4} 2.899003{col 67}{space 3} 2.899003
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         predict error if e(sample), residuals
{txt}(8,412 missing values generated)

{com}.         su error if sample==1, d

                          {txt}Residuals
{hline 61}
      Percentiles      Smallest
 1%    {res}-.9852399      -2.796864
{txt} 5%    {res}-.5899615        -2.3502
{txt}10%    {res}-.4421654      -2.216258       {txt}Obs         {res}     21,521
{txt}25%    {res}-.2230759      -2.155756       {txt}Sum of Wgt. {res}     21,521

{txt}50%    {res}-.0092854                      {txt}Mean          {res} 1.78e-10
                        {txt}Largest       Std. Dev.     {res} .3939276
{txt}75%    {res} .2180032       3.191155
{txt}90%    {res} .4387906       4.008323       {txt}Variance      {res}  .155179
{txt}95%    {res} .6128532       4.203136       {txt}Skewness      {res} .6040954
{txt}99%    {res} 1.086284       5.129985       {txt}Kurtosis      {res} 9.352369
{txt}
{com}. histogram error if error>=-4 & error<=4, frac xtitle("Examiner average independent claims per patent (residual)") xlabel(-4(1)4) graphregion(color(white)) color(gs8) lcolor(black)
{txt}(bin={res}43{txt}, start={res}-2.7968638{txt}, width={res}.13925624{txt})
{res}{txt}
{com}. drop sample error
{txt}
{com}. 
. 
. ****************
. *** FIGURE 3 ***
. ****************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. xi: reghdfe lag_app_to_first_action instrument_lag if dallowed==1, absorb(ind_year_fe state_num) vce(cluster gau)
{res}{txt}(dropped 403 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,752
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    444{txt}){col 67}= {res}   1415.95
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.6231
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5800
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2086
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       445{txt}{col 51}Root MSE{col 67}= {res}    0.5750

{txt}{ralign 80:(Std. Err. adjusted for {res:445} clusters in gau)}
{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28}    Robust
{col 1}lag_app_to_f~n{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
instrument_lag {c |}{col 16}{res}{space 2} .5279944{col 28}{space 2} .0140316{col 39}{space 1}   37.63{col 48}{space 3}0.000{col 56}{space 4} .5004178{col 69}{space 3} .5555709
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} .8051583{col 28}{space 2} .0209326{col 39}{space 1}   38.46{col 48}{space 3}0.000{col 56}{space 4} .7640189{col 69}{space 3} .8462976
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2180{col 27}{space 1}     2180{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         g sample=e(sample)
{txt}
{com}. xi: areg instrument_lag if sample==1, absorb(ind_year_fe) robust cluster(gau)

{txt}Linear regression, absorbing indicators{col 49}Number of obs{col 67}= {res}    21,752
{txt}Absorbed variable: {bf:ind_year_fe}{col 49}No. of categories{col 67}= {res}     2,180
{txt}{col 49}{help j_robustsingular##|_new:F(   0,    444)}{col 67}=          {res}.
{txt}{col 49}Prob > F{col 67}=          {res}.
{txt}{col 49}R-squared{col 67}= {res}    0.5932
{txt}{col 49}Adj R-squared{col 67}= {res}    0.5479
{txt}{col 49}Root MSE{col 67}= {res}    0.5593

{txt}{ralign 78:(Std. Err. adjusted for {res:445} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}instrument~g{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}_cons {c |}{col 14}{res}{space 2} 1.491824{col 26}{space 2} 2.77e-18{col 37}{space 1} 5.4e+17{col 46}{space 3}0.000{col 54}{space 4} 1.491824{col 67}{space 3} 1.491824
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}.         predict error if e(sample), residuals
{txt}(8,181 missing values generated)

{com}.         su error if sample==1, d

                          {txt}Residuals
{hline 61}
      Percentiles      Smallest
 1%    {res}-1.100557      -2.656487
{txt} 5%    {res}-.7080327      -2.296296
{txt}10%    {res} -.539061      -2.242879       {txt}Obs         {res}     21,752
{txt}25%    {res}-.3089255       -1.98326       {txt}Sum of Wgt. {res}     21,752

{txt}50%    {res}-.0756975                      {txt}Mean          {res} 1.01e-10
                        {txt}Largest       Std. Dev.     {res} .5305187
{txt}75%    {res} .2262056       3.658463
{txt}90%    {res}  .634334       3.752614       {txt}Variance      {res} .2814501
{txt}95%    {res} .9861456       3.889627       {txt}Skewness      {res} 1.172259
{txt}99%    {res}  1.75255       3.906959       {txt}Kurtosis      {res} 6.995879
{txt}
{com}. histogram error, frac start(-4) width(0.2) xtitle("Examiner average first-action examination time (residual)") xlabel(-4(2)4) graphregion(color(white)) color(gs8) lcolor(black)
{txt}(bin={res}40{txt}, start={res}-4{txt}, width={res}.2{txt})
{res}{txt}
{com}. drop sample error
{txt}
{com}. 
. 
. ****************
. *** FIGURE 4 ***
. ****************
. 
. use HLR_Fig4_Data, clear
{txt}
{com}. 
. * Panel A, Employment Growth
. mkmat estimate_ min95_ max95_ if parm=="pat_clm_ct" & dv=="Employment Growth", matrix(D)
{res}{txt}
{com}. matrix E=D'
{txt}
{com}. matrix list E
{res}
{txt}E[3,8]
                   r1          r2          r3          r4          r5          r6          r7          r8
estimate_ {res}  .03415307   .07279139   .02254385  -.01797183   .00985853  -.00938093   .01972054  -.00308223
{txt}   min95_ {res} -.03442418   .00534786  -.02086246  -.05913445  -.02158006  -.03939337  -.00857306  -.03441471
{txt}   max95_ {res}  .10273032   .14023491   .06595016    .0231908   .04129711   .02063152   .04801414   .02825025
{reset}
{com}. matrix colnames E=-3 -2 -1 1 2 3 4 5
{txt}
{com}. 
. coefplot matrix(E), title("Employment Growth", size(large)) vertical b((1)) ci((2 3)) ciopts(recast(rcap)) yline(0, lcolor(red) lpattern(solid) lwidth(medium)) graphregion(fcolor(white)) 
{res}{txt}
{com}. graph save fr12_panela_emp.gph, replace
{txt}(note: file fr12_panela_emp.gph not found)
{res}{txt}(file fr12_panela_emp.gph saved)

{com}. 
. * Panel A, Sales Growth
. mkmat estimate_ min95_ max95_ if parm=="pat_clm_ct" & dv=="Sales Growth", matrix(D)
{res}{txt}
{com}. matrix E=D'
{txt}
{com}. matrix list E
{res}
{txt}E[3,8]
                   r1          r2          r3          r4          r5          r6          r7          r8
estimate_ {res}  .02681596   .07594844   .00795673  -.01212019   .02626304   .01605506   .00342713   .02498612
{txt}   min95_ {res} -.06081225  -.01745553  -.04950951  -.07613698  -.01812257  -.02884627  -.03732775  -.01622057
{txt}   max95_ {res}  .11444416   .16935241   .06542296    .0518966   .07064864   .06095639   .04418202   .06619281
{reset}
{com}. matrix colnames E=-3 -2 -1 1 2 3 4 5
{txt}
{com}.  
. coefplot matrix(E), title("Sales Growth", size(large)) vertical b((1)) ci((2 3)) ciopts(recast(rcap)) yline(0, lcolor(red) lpattern(solid) lwidth(medium)) graphregion(fcolor(white)) 
{res}{txt}
{com}. graph save fr12_panela_sales.gph, replace
{txt}(note: file fr12_panela_sales.gph not found)
{res}{txt}(file fr12_panela_sales.gph saved)

{com}. 
. * Panel A, VC
. mkmat estimate_ min95_ max95_ if parm=="pat_clm_ct" & dv=="Venture Capital Funding", matrix(D)
{res}{txt}
{com}. matrix E=D'
{txt}
{com}. matrix list E
{res}
{txt}E[3,8]
                   r1          r2          r3          r4          r5          r6          r7          r8
estimate_ {res}  .00264075   .00599798   .00700315   .00068342   .00009266   .00116057    .0013356   .00028483
{txt}   min95_ {res} -.00541951   -.0042432  -.00862895  -.01237108  -.01050634  -.00425721  -.00360679  -.00359443
{txt}   max95_ {res}    .010701   .01623916   .02263525   .01373793   .01069166   .00657835   .00627799   .00416409
{reset}
{com}. matrix colnames E=-3 -2 -1 1 2 3 4 5
{txt}
{com}.  
. coefplot matrix(E), title("Venture Capital Funding", size(large)) vertical b((1)) ci((2 3)) ciopts(recast(rcap)) yline(0, lcolor(red) lpattern(solid) lwidth(medium)) graphregion(fcolor(white)) 
{res}{txt}
{com}. graph save fr12_panela_vc.gph, replace
{txt}(note: file fr12_panela_vc.gph not found)
{res}{txt}(file fr12_panela_vc.gph saved)

{com}. 
. gr combine fr12_panela_emp.gph fr12_panela_sales.gph fr12_panela_vc.gph, graphregion(fcolor(white)) b1("Year", size(large)) rows(1)
{res}{txt}
{com}. graph display, ysize(2.5) xsize(8) 
{res}{txt}
{com}.  
. * Panel B, Employment Growth
. mkmat estimate_ min95_ max95_ if parm=="lag_app_to_first_action" & dv=="Employment Growth", matrix(D)
{res}{txt}
{com}. matrix E=D'
{txt}
{com}. matrix list E
{res}
{txt}E[3,8]
                   r1          r2          r3          r4          r5          r6          r7          r8
estimate_ {res}   .0270554    .0244335  -.00696733  -.02954328  -.03371124  -.02034027  -.01900162   .00538271
{txt}   min95_ {res} -.02876868   -.0229277  -.04106395  -.05744865  -.05915802   -.0465684  -.04127692   -.0166031
{txt}   max95_ {res}  .08287948   .07179471   .02712928  -.00163792  -.00826446   .00588786   .00327369   .02736851
{reset}
{com}. matrix colnames E=-3 -2 -1 1 2 3 4 5
{txt}
{com}. 
. coefplot matrix(E), title("Employment Growth", size(large)) vertical b((1)) ci((2 3)) ciopts(recast(rcap)) yline(0, lcolor(red) lpattern(solid) lwidth(medium)) graphregion(fcolor(white)) 
{res}{txt}
{com}. graph save fr12_panelb_emp.gph, replace
{txt}(note: file fr12_panelb_emp.gph not found)
{res}{txt}(file fr12_panelb_emp.gph saved)

{com}. 
. * Panel B, Sales Growth
. mkmat estimate_ min95_ max95_ if parm=="lag_app_to_first_action" & dv=="Sales Growth", matrix(D)
{res}{txt}
{com}. matrix E=D'
{txt}
{com}. matrix list E
{res}
{txt}E[3,8]
                   r1          r2          r3          r4          r5          r6          r7          r8
estimate_ {res}   .0458086   .02189394  -.01103316  -.03042216  -.04094774  -.02943132  -.03793331   .01208457
{txt}   min95_ {res} -.01675153   -.0368753  -.06003464   -.0720032  -.07858353  -.07216417  -.07254153  -.01964999
{txt}   max95_ {res}  .10836872   .08066318   .03796832   .01115888  -.00331195   .01330154  -.00332509   .04381914
{reset}
{com}. matrix colnames E=-3 -2 -1 1 2 3 4 5
{txt}
{com}. 
. coefplot matrix(E), title("Sales Growth", size(large)) vertical b((1)) ci((2 3)) ciopts(recast(rcap)) yline(0, lcolor(red) lpattern(solid) lwidth(medium)) graphregion(fcolor(white)) 
{res}{txt}
{com}. graph save fr12_panelb_sales.gph, replace
{txt}(note: file fr12_panelb_sales.gph not found)
{res}{txt}(file fr12_panelb_sales.gph saved)

{com}. 
. * Panel B, VC
. mkmat estimate_ min95_ max95_ if parm=="lag_app_to_first_action" & dv=="Venture Capital Funding", matrix(D)
{res}{txt}
{com}. matrix E=D'
{txt}
{com}. matrix list E
{res}
{txt}E[3,8]
                   r1          r2          r3          r4          r5          r6          r7          r8
estimate_ {res}  .00255569   .00265105  -.00787197  -.00547587  -.00381051  -.00006293   .00129473   .00128027
{txt}   min95_ {res} -.00218128  -.00416966  -.01769818  -.01519035  -.01061249  -.00473729  -.00242169  -.00186753
{txt}   max95_ {res}  .00729266   .00947177   .00195425   .00423861   .00299147   .00461143   .00501114   .00442807
{reset}
{com}. matrix colnames E=-3 -2 -1 1 2 3 4 5
{txt}
{com}.  
. coefplot matrix(E), title("Venture Capital Funding", size(large)) vertical b((1)) ci((2 3)) ciopts(recast(rcap)) yline(0, lcolor(red) lpattern(solid) lwidth(medium)) graphregion(fcolor(white)) 
{res}{txt}
{com}. graph save fr12_panelb_vc.gph, replace
{txt}(note: file fr12_panelb_vc.gph not found)
{res}{txt}(file fr12_panelb_vc.gph saved)

{com}. 
. gr combine fr12_panelb_emp.gph fr12_panelb_sales.gph fr12_panelb_vc.gph, graphregion(fcolor(white)) b1("Year", size(large)) rows(1)
{res}{txt}
{com}. graph display, ysize(2.5) xsize(8) 
{res}{txt}
{com}. 
. 
. ***************
. *** TABLE 1 ***
. ***************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. * Number of firms, scope and leniency
. tabstat pat_clm_ct lag_app_to_first_action if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.), statistics(mean median sd count)

{txt}   stats {...}
{c |}{...}
  pat_cl~t  lag_ap~n
{hline 9}{c +}{hline 20}
{ralign 8:mean} {...}
{c |}{...}
 {res} 3.166311   1.60428
{txt}{ralign 8:p50} {...}
{c |}{...}
 {res}        3  1.412731
{txt}{ralign 8:sd} {...}
{c |}{...}
 {res} 2.615934   .891165
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}    22001     22001
{txt}{hline 9}{c BT}{hline 20}

{com}. 
. * Panel A: Pre-filing Characteristics
. tabstat age_application initial_app_emp_w initial_app_sales_def_w growth_p1_emp_w growth_p1_sales_w if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.), statistics(mean median sd count)

{txt}   stats {...}
{c |}{...}
  age_ap~n  init~p_w  init~f_w  growth..  growth..
{hline 9}{c +}{hline 50}
{ralign 8:mean} {...}
{c |}{...}
 {res}   7.0189   28.5035   4338913  .1535321  .1992418
{txt}{ralign 8:p50} {...}
{c |}{...}
 {res}        2         8  839180.8         0         0
{txt}{ralign 8:sd} {...}
{c |}{...}
 {res} 15.37111  59.83087  1.02e+07  .6393245  .8449069
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}    17884     13555     13555     11876     11868
{txt}{hline 9}{c BT}{hline 50}

{com}. 
. * Panel B: Subsequent Growth in Employment and Sales
. tabstat growth1_emp_w growth3_emp_w growth5_emp_w growth1_sales_w growth3_sales_w growth5_sales_w if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.), statistics(mean median sd count)

{txt}   stats {...}
{c |}{...}
  growth..  growth..  growth..  growth..  growth..  growth..
{hline 9}{c +}{hline 60}
{ralign 8:mean} {...}
{c |}{...}
 {res} .0641976  .1957414  .2110324  .1102349  .3444795  .4436696
{txt}{ralign 8:p50} {...}
{c |}{...}
 {res}        0         0         0         0         0 -.0060793
{txt}{ralign 8:sd} {...}
{c |}{...}
 {res}  .481995  1.219836  1.559268  .7074098  1.799606  2.442602
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}    14575     14575     14575     14575     14575     14575
{txt}{hline 9}{c BT}{hline 60}

{com}.         
. * Panel C: Subsequent Innovation
. tabstat total_patents_appl total_patents_approved approval_rate all_cites5 mean_cites5 if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.), statistics(mean median sd count)

{txt}   stats {...}
{c |}{...}
  total_~l  total_~d  approv~e  all_ci~5  mean_c~5
{hline 9}{c +}{hline 50}
{ralign 8:mean} {...}
{c |}{...}
 {res} 3.786328  2.594382  .3462623  19.94995   1.50842
{txt}{ralign 8:p50} {...}
{c |}{...}
 {res}        1         0         0         0         0
{txt}{ralign 8:sd} {...}
{c |}{...}
 {res}  16.0383  12.11629  .4323478  170.6917  4.080945
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}    22001     22001     22001     21478     21478
{txt}{hline 9}{c BT}{hline 50}

{com}. 
. * Panel D: VC/Exit variables
. tabstat made_it_to_next_round IPO if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.), statistics(mean median sd count)

{txt}   stats {...}
{c |}{...}
  made_i~d       IPO
{hline 9}{c +}{hline 20}
{ralign 8:mean} {...}
{c |}{...}
 {res} .0936776  .0078633
{txt}{ralign 8:p50} {...}
{c |}{...}
 {res}        0         0
{txt}{ralign 8:sd} {...}
{c |}{...}
 {res} .2913862  .0883278
{txt}{ralign 8:N} {...}
{c |}{...}
 {res}    22001     22001
{txt}{hline 9}{c BT}{hline 20}

{com}.         
. 
. ************************
. *** TABLE 2, PANEL A ***
. ************************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach dv in pat_clm_ct {c -(}
{txt}  2{com}.         g iv=instrument_ind_claims
{txt}  3{com}. 
.         * Column 1: 
.         xi: reghdfe `dv' iv instrument_lag if patent_approved==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  4{com}.                 test iv
{txt}  5{com}.                 local F=r(F)
{txt}  6{com}.                 outreg2 using "Table2A.xls", dec(3) replace keep(iv instrument_lag) noparen nocons addstat("F-test: IV",`F')
{txt}  7{com}.         * Column 2: 
.         xi: reghdfe `dv' iv instrument_lag ln_initial_emp ln_initial_sales age_application_w if patent_approved==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  8{com}.                 test iv
{txt}  9{com}.                 local F=r(F)
{txt} 10{com}.                 outreg2 using "Table2A.xls", dec(3) append keep(iv instrument_lag ln_initial_emp ln_initial_sales age_application_w) noparen nocons addstat("F-test: IV",`F')
{txt} 11{com}.         * Column 3: 
.         xi: reghdfe `dv' iv instrument_lag growth_p1_emp_w growth_p1_sales_w if patent_approved==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt} 12{com}.                 test iv
{txt} 13{com}.                 local F=r(F)
{txt} 14{com}.                 outreg2 using "Table2A.xls", dec(3) append keep(iv instrument_lag growth_p1_emp_w growth_p1_sales_w) noparen nocons addstat("F-test: IV",`F')
{txt} 15{com}.         * Column 4: 
.         xi: reghdfe `dv' iv instrument_lag if patent_approved==1, absorb(ind_year_fe techsc_year_fe state_num) vce(cluster gau)
{txt} 16{com}.                 test iv
{txt} 17{com}.                 local F=r(F)
{txt} 18{com}.                 outreg2 using "Table2A.xls", dec(3) append keep(iv instrument_lag) noparen nocons addstat("F-test: IV",`F')
{txt} 19{com}.         * Column 5: 
.         xi: reghdfe `dv' iv instrument_lag i.exgrade_fe ln_extenure if patent_approved==1, absorb(ind_year_fe techsc_year_fe state_num) vce(cluster gau)
{txt} 20{com}.                 test iv
{txt} 21{com}.                 local F=r(F)
{txt} 22{com}.                 outreg2 using "Table2A.xls", dec(3) append keep(iv instrument_lag ln_extenure _Iexgrade_f_2 _Iexgrade_f_3 _Iexgrade_f_4 _Iexgrade_f_5 _Iexgrade_f_6 _Iexgrade_f_7) sortvar(iv instrument_lag ln_initial_emp ln_initial_sales age_application_w growth_p1_emp_w growth_p1_sales_w ln_extenure _Iexgrade_f_2 _Iexgrade_f_3 _Iexgrade_f_4 _Iexgrade_f_5 _Iexgrade_f_6 _Iexgrade_f_7) noparen nocons addstat("F-test: IV",`F')
{txt} 23{com}.                 
.                 drop iv
{txt} 24{com}. {c )-}
{txt}(185 missing values generated)
{res}{txt}(dropped 407 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,518
{txt}Absorbing 2 HDFE groups{col 51}F({res}   2{txt},{res}    443{txt}){col 67}= {res}     43.54
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1614
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0648
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0073
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    2.5327

{txt}{ralign 80:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28}    Robust
{col 1}    pat_clm_ct{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}iv {c |}{col 16}{res}{space 2} .5217267{col 28}{space 2} .0580747{col 39}{space 1}    8.98{col 48}{space 3}0.000{col 56}{space 4} .4075905{col 69}{space 3} .6358629
{txt}instrument_lag {c |}{col 16}{res}{space 2}-.0151164{col 28}{space 2} .0364438{col 39}{space 1}   -0.41{col 48}{space 3}0.678{col 56}{space 4}-.0867407{col 69}{space 3} .0565079
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.676591{col 28}{space 2} .1883513{col 39}{space 1}    8.90{col 48}{space 3}0.000{col 56}{space 4} 1.306417{col 69}{space 3} 2.046764
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2172{col 27}{space 1}     2172{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   443) ={res}   80.71
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2A.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2A.txt""':seeout}
{res}{txt}(dropped 469 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    14,052
{txt}Absorbing 2 HDFE groups{col 51}F({res}   5{txt},{res}    421{txt}){col 67}= {res}     15.10
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1908
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0574
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0088
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       422{txt}{col 51}Root MSE{col 67}= {res}    2.3918

{txt}{ralign 83:(Std. Err. adjusted for {res:422} clusters in gau)}
{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}       pat_clm_ct{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}iv {c |}{col 19}{res}{space 2} .5348965{col 31}{space 2} .0648483{col 42}{space 1}    8.25{col 51}{space 3}0.000{col 59}{space 4} .4074298{col 72}{space 3} .6623633
{txt}{space 3}instrument_lag {c |}{col 19}{res}{space 2} .0098028{col 31}{space 2} .0387753{col 42}{space 1}    0.25{col 51}{space 3}0.801{col 59}{space 4}-.0664145{col 72}{space 3} .0860201
{txt}{space 3}ln_initial_emp {c |}{col 19}{res}{space 2}  .035883{col 31}{space 2} .0338018{col 42}{space 1}    1.06{col 51}{space 3}0.289{col 59}{space 4}-.0305584{col 72}{space 3} .1023244
{txt}{space 1}ln_initial_sales {c |}{col 19}{res}{space 2}-.0122411{col 31}{space 2} .0264193{col 42}{space 1}   -0.46{col 51}{space 3}0.643{col 59}{space 4}-.0641713{col 72}{space 3} .0396891
{txt}age_application_w {c |}{col 19}{res}{space 2}-.0023839{col 31}{space 2} .0020405{col 42}{space 1}   -1.17{col 51}{space 3}0.243{col 59}{space 4}-.0063947{col 72}{space 3} .0016269
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} 1.715571{col 31}{space 2} .3970471{col 42}{space 1}    4.32{col 51}{space 3}0.000{col 59}{space 4} .9351291{col 72}{space 3} 2.496013
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1933{col 27}{space 1}     1933{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   421) ={res}   68.04
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2A.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2A.txt""':seeout}
{res}{txt}(dropped 520 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    11,306
{txt}Absorbing 2 HDFE groups{col 51}F({res}   4{txt},{res}    406{txt}){col 67}= {res}     15.64
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.2064
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0534
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0090
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       407{txt}{col 51}Root MSE{col 67}= {res}    2.4062

{txt}{ralign 83:(Std. Err. adjusted for {res:407} clusters in gau)}
{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}       pat_clm_ct{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}iv {c |}{col 19}{res}{space 2} .5463544{col 31}{space 2}  .077154{col 42}{space 1}    7.08{col 51}{space 3}0.000{col 59}{space 4} .3946832{col 72}{space 3} .6980256
{txt}{space 3}instrument_lag {c |}{col 19}{res}{space 2} .0223766{col 31}{space 2} .0457736{col 42}{space 1}    0.49{col 51}{space 3}0.625{col 59}{space 4}-.0676063{col 72}{space 3} .1123594
{txt}{space 2}growth_p1_emp_w {c |}{col 19}{res}{space 2} .0837866{col 31}{space 2} .0632886{col 42}{space 1}    1.32{col 51}{space 3}0.186{col 59}{space 4}-.0406276{col 72}{space 3} .2082008
{txt}growth_p1_sales_w {c |}{col 19}{res}{space 2}-.0119474{col 31}{space 2} .0406962{col 42}{space 1}   -0.29{col 51}{space 3}0.769{col 59}{space 4}-.0919489{col 72}{space 3} .0680542
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}  1.55692{col 31}{space 2}  .232748{col 42}{space 1}    6.69{col 51}{space 3}0.000{col 59}{space 4} 1.099378{col 72}{space 3} 2.014462
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1773{col 27}{space 1}     1773{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   406) ={res}   50.15
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2A.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2A.txt""':seeout}
{res}{txt}(dropped 5679 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 30 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    16,246
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    423{txt}){col 67}= {res}     28.44
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3558
{txt}{col 51}Adj R-squared{col 67}= {res}   -0.0080
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0063
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       424{txt}{col 51}Root MSE{col 67}= {res}    2.6764

{txt}{ralign 80:(Std. Err. adjusted for {res:424} clusters in gau)}
{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28}    Robust
{col 1}    pat_clm_ct{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}iv {c |}{col 16}{res}{space 2} .4900472{col 28}{space 2} .0655595{col 39}{space 1}    7.47{col 48}{space 3}0.000{col 56}{space 4} .3611842{col 69}{space 3} .6189101
{txt}instrument_lag {c |}{col 16}{res}{space 2}-.0308907{col 28}{space 2} .0619451{col 39}{space 1}   -0.50{col 48}{space 3}0.618{col 56}{space 4}-.1526492{col 69}{space 3} .0908679
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.806731{col 28}{space 2} .2210432{col 39}{space 1}    8.17{col 48}{space 3}0.000{col 56}{space 4} 1.372251{col 69}{space 3} 2.241211
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 16}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}    Absorbed FE{col 17}{c |} Categories{col 30} - Redundant{col 42}  = Num. Coefs{col 57}{c |}
{res}{col 1}{text}{hline 16}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    ind_year_fe{col 17}{c |}{space 1}     1949{col 30}{space 1}     1949{col 42}{result}{space 1}        0{col 56}{text}*{col 57}{c |}
{res}{col 1}{text} techsc_year_fe{col 17}{c |}{space 1}     3864{col 30}{space 1}        0{col 42}{result}{space 1}     3864{col 56}{text} {col 57}{c |}
{res}{col 1}{text}      state_num{col 17}{c |}{space 1}       51{col 30}{space 1}        1{col 42}{result}{space 1}       50{col 56}{text} {col 57}{c |}
{res}{col 1}{text}{hline 16}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   423) ={res}   55.87
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2A.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2A.txt""':seeout}
i.exgrade_fe{col 19}_Iexgrade_f_1-7{col 39}(naturally coded; _Iexgrade_f_1 omitted)
{res}{txt}(dropped 5679 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 31 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    16,240
{txt}Absorbing 3 HDFE groups{col 51}F({res}   9{txt},{res}    423{txt}){col 67}= {res}     10.17
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.3572
{txt}{col 51}Adj R-squared{col 67}= {res}   -0.0067
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0083
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       424{txt}{col 51}Root MSE{col 67}= {res}    2.6750

{txt}{ralign 80:(Std. Err. adjusted for {res:424} clusters in gau)}
{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28}    Robust
{col 1}    pat_clm_ct{col 16}{c |}      Coef.{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}iv {c |}{col 16}{res}{space 2} .4981899{col 28}{space 2} .0663466{col 39}{space 1}    7.51{col 48}{space 3}0.000{col 56}{space 4} .3677798{col 69}{space 3}    .6286
{txt}instrument_lag {c |}{col 16}{res}{space 2} .0052971{col 28}{space 2} .0661659{col 39}{space 1}    0.08{col 48}{space 3}0.936{col 56}{space 4}-.1247579{col 69}{space 3} .1353521
{txt}{space 1}_Iexgrade_f_2 {c |}{col 16}{res}{space 2}-.0095563{col 28}{space 2} .1208889{col 39}{space 1}   -0.08{col 48}{space 3}0.937{col 56}{space 4} -.247174{col 69}{space 3} .2280615
{txt}{space 1}_Iexgrade_f_3 {c |}{col 16}{res}{space 2}-.1772686{col 28}{space 2} .1412961{col 39}{space 1}   -1.25{col 48}{space 3}0.210{col 56}{space 4}-.4549986{col 69}{space 3} .1004614
{txt}{space 1}_Iexgrade_f_4 {c |}{col 16}{res}{space 2} -.291258{col 28}{space 2} .1531187{col 39}{space 1}   -1.90{col 48}{space 3}0.058{col 56}{space 4}-.5922262{col 69}{space 3} .0097102
{txt}{space 1}_Iexgrade_f_5 {c |}{col 16}{res}{space 2}-.2645097{col 28}{space 2}  .149367{col 39}{space 1}   -1.77{col 48}{space 3}0.077{col 56}{space 4}-.5581037{col 69}{space 3} .0290844
{txt}{space 1}_Iexgrade_f_6 {c |}{col 16}{res}{space 2}-.3061243{col 28}{space 2} .1854569{col 39}{space 1}   -1.65{col 48}{space 3}0.100{col 56}{space 4}-.6706562{col 69}{space 3} .0584076
{txt}{space 1}_Iexgrade_f_7 {c |}{col 16}{res}{space 2}-.2389009{col 28}{space 2} .2371739{col 39}{space 1}   -1.01{col 48}{space 3}0.314{col 56}{space 4}-.7050871{col 69}{space 3} .2272852
{txt}{space 3}ln_extenure {c |}{col 16}{res}{space 2} .1807276{col 28}{space 2} .0475275{col 39}{space 1}    3.80{col 48}{space 3}0.000{col 56}{space 4} .0873081{col 69}{space 3} .2741471
{txt}{space 9}_cons {c |}{col 16}{res}{space 2} 1.206324{col 28}{space 2} .2490417{col 39}{space 1}    4.84{col 48}{space 3}0.000{col 56}{space 4} .7168105{col 69}{space 3} 1.695837
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 16}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}    Absorbed FE{col 17}{c |} Categories{col 30} - Redundant{col 42}  = Num. Coefs{col 57}{c |}
{res}{col 1}{text}{hline 16}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    ind_year_fe{col 17}{c |}{space 1}     1948{col 30}{space 1}     1948{col 42}{result}{space 1}        0{col 56}{text}*{col 57}{c |}
{res}{col 1}{text} techsc_year_fe{col 17}{c |}{space 1}     3864{col 30}{space 1}        0{col 42}{result}{space 1}     3864{col 56}{text} {col 57}{c |}
{res}{col 1}{text}      state_num{col 17}{c |}{space 1}       51{col 30}{space 1}        1{col 42}{result}{space 1}       50{col 56}{text} {col 57}{c |}
{res}{col 1}{text}{hline 16}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   423) ={res}   56.38
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2A.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2A.txt""':seeout}

{com}. 
. 
. **********************
. * TABLE 2, PANEL B ***
. **********************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach dv in lag_app_to_first_action {c -(}
{txt}  2{com}.         g iv=instrument_lag
{txt}  3{com}. 
.         * Column 1: 
.         xi: reghdfe `dv' iv instrument_ind_claims if patent_approved==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  4{com}.                 test iv
{txt}  5{com}.                 local F=r(F)
{txt}  6{com}.                 outreg2 using "Table2B.xls", dec(3) replace keep(iv instrument_ind_claims) addstat("F-test: IV",`F') noparen nocons
{txt}  7{com}.         * Column 2: 
.         xi: reghdfe `dv' iv instrument_ind_claims ln_initial_emp ln_initial_sales age_application_w if patent_approved==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  8{com}.                 test iv
{txt}  9{com}.                 local F=r(F)
{txt} 10{com}.                 outreg2 using "Table2B.xls", dec(3) append keep(iv instrument_ind_claims ln_initial_emp ln_initial_sales age_application_w) addstat("F-test: IV",`F') noparen nocons
{txt} 11{com}.         * Column 3: 
.         xi: reghdfe `dv' iv instrument_ind_claims growth_p1_emp_w growth_p1_sales_w if patent_approved==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt} 12{com}.                 test iv
{txt} 13{com}.                 local F=r(F)
{txt} 14{com}.                 outreg2 using "Table2B.xls", dec(3) append keep(iv instrument_ind_claims growth_p1_emp_w growth_p1_sales_w) addstat("F-test: IV",`F') noparen nocons
{txt} 15{com}.         * Column 4: 
.         xi: reghdfe `dv' iv instrument_ind_claims if patent_approved==1, absorb(ind_year_fe techsc_year_fe state_num) vce(cluster gau)
{txt} 16{com}.                 test iv
{txt} 17{com}.                 local F=r(F)
{txt} 18{com}.                 outreg2 using "Table2B.xls", dec(3) append keep(iv instrument_ind_claims) addstat("F-test: IV",`F') noparen nocons
{txt} 19{com}.         * Column 5: 
.         xi: reghdfe `dv' iv instrument_ind_claims i.exgrade_fe ln_extenure if patent_approved==1, absorb(ind_year_fe techsc_year_fe state_num) vce(cluster gau)
{txt} 20{com}.                 test iv
{txt} 21{com}.                 local F=r(F)
{txt} 22{com}.                 outreg2 using "Table2B.xls", dec(3) append keep(iv instrument_ind_claims ln_extenure _Iexgrade_f_2 _Iexgrade_f_3 _Iexgrade_f_4 _Iexgrade_f_5 _Iexgrade_f_6 _Iexgrade_f_7) sortvar(iv instrument_ind_claims ln_initial_emp ln_initial_sales age_application_w growth_p1_emp_w growth_p1_sales_w ln_extenure _Iexgrade_f_2 _Iexgrade_f_3 _Iexgrade_f_4 _Iexgrade_f_5 _Iexgrade_f_6 _Iexgrade_f_7) noparen nocons addstat("F-test: IV",`F') 
{txt} 23{com}.                 
.                 drop iv
{txt} 24{com}. {c )-}
{txt}(25 missing values generated)
{res}{txt}(dropped 408 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,695
{txt}Absorbing 2 HDFE groups{col 51}F({res}   2{txt},{res}    443{txt}){col 67}= {res}    704.54
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.6228
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5796
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2089
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    0.5740

{txt}{ralign 87:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}lag_app_to_first_ac~n{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}iv {c |}{col 23}{res}{space 2} .5278579{col 35}{space 2} .0143992{col 46}{space 1}   36.66{col 55}{space 3}0.000{col 63}{space 4} .4995585{col 76}{space 3} .5561572
{txt}instrument_ind_claims {c |}{col 23}{res}{space 2}-.0545459{col 35}{space 2} .0171846{col 46}{space 1}   -3.17{col 55}{space 3}0.002{col 63}{space 4}-.0883194{col 76}{space 3}-.0207723
{txt}{space 16}_cons {c |}{col 23}{res}{space 2}  .962471{col 35}{space 2} .0567649{col 46}{space 1}   16.96{col 55}{space 3}0.000{col 63}{space 4}  .850909{col 76}{space 3} 1.074033
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2173{col 27}{space 1}     2173{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   443) ={res} 1343.86
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2B.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2B.txt""':seeout}
{res}{txt}(dropped 469 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    14,167
{txt}Absorbing 2 HDFE groups{col 51}F({res}   5{txt},{res}    421{txt}){col 67}= {res}    261.37
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.6398
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5810
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2088
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       422{txt}{col 51}Root MSE{col 67}= {res}    0.5698

{txt}{ralign 87:(Std. Err. adjusted for {res:422} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}lag_app_to_first_ac~n{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}iv {c |}{col 23}{res}{space 2} .5225666{col 35}{space 2} .0147708{col 46}{space 1}   35.38{col 55}{space 3}0.000{col 63}{space 4} .4935329{col 76}{space 3} .5516004
{txt}instrument_ind_claims {c |}{col 23}{res}{space 2}-.0492559{col 35}{space 2} .0193166{col 46}{space 1}   -2.55{col 55}{space 3}0.011{col 63}{space 4}-.0872249{col 76}{space 3} -.011287
{txt}{space 7}ln_initial_emp {c |}{col 23}{res}{space 2}-.0003784{col 35}{space 2} .0072907{col 46}{space 1}   -0.05{col 55}{space 3}0.959{col 63}{space 4}-.0147091{col 76}{space 3} .0139524
{txt}{space 5}ln_initial_sales {c |}{col 23}{res}{space 2}-.0089261{col 35}{space 2} .0059232{col 46}{space 1}   -1.51{col 55}{space 3}0.133{col 63}{space 4}-.0205689{col 76}{space 3} .0027167
{txt}{space 4}age_application_w {c |}{col 23}{res}{space 2} .0003228{col 35}{space 2} .0004901{col 46}{space 1}    0.66{col 55}{space 3}0.510{col 63}{space 4}-.0006405{col 76}{space 3} .0012861
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} 1.078495{col 35}{space 2}  .096191{col 46}{space 1}   11.21{col 55}{space 3}0.000{col 63}{space 4} .8894202{col 76}{space 3} 1.267569
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1934{col 27}{space 1}     1934{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   421) ={res} 1251.62
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2B.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2B.txt""':seeout}
{res}{txt}(dropped 520 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    11,402
{txt}Absorbing 2 HDFE groups{col 51}F({res}   4{txt},{res}    406{txt}){col 67}= {res}    285.90
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.6476
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5803
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2091
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       407{txt}{col 51}Root MSE{col 67}= {res}    0.5644

{txt}{ralign 87:(Std. Err. adjusted for {res:407} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}lag_app_to_first_ac~n{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}iv {c |}{col 23}{res}{space 2} .5321086{col 35}{space 2} .0157999{col 46}{space 1}   33.68{col 55}{space 3}0.000{col 63}{space 4} .5010488{col 76}{space 3} .5631684
{txt}instrument_ind_claims {c |}{col 23}{res}{space 2}-.0527899{col 35}{space 2} .0205119{col 46}{space 1}   -2.57{col 55}{space 3}0.010{col 63}{space 4}-.0931127{col 76}{space 3}-.0124672
{txt}{space 6}growth_p1_emp_w {c |}{col 23}{res}{space 2}-.0115316{col 35}{space 2} .0156336{col 46}{space 1}   -0.74{col 55}{space 3}0.461{col 63}{space 4}-.0422644{col 76}{space 3} .0192013
{txt}{space 4}growth_p1_sales_w {c |}{col 23}{res}{space 2} .0022785{col 35}{space 2} .0130171{col 46}{space 1}    0.18{col 55}{space 3}0.861{col 63}{space 4}-.0233108{col 76}{space 3} .0278678
{txt}{space 16}_cons {c |}{col 23}{res}{space 2}  .936825{col 35}{space 2} .0633189{col 46}{space 1}   14.80{col 55}{space 3}0.000{col 63}{space 4} .8123511{col 76}{space 3} 1.061299
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1774{col 27}{space 1}     1774{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   406) ={res} 1134.21
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2B.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2B.txt""':seeout}
{res}{txt}(dropped 5707 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 30 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    16,396
{txt}Absorbing 3 HDFE groups{col 51}F({res}   2{txt},{res}    423{txt}){col 67}= {res}    437.42
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.7382
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5916
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2015
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       424{txt}{col 51}Root MSE{col 67}= {res}    0.5834

{txt}{ralign 87:(Std. Err. adjusted for {res:424} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}lag_app_to_first_ac~n{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}iv {c |}{col 23}{res}{space 2} .5148829{col 35}{space 2} .0174133{col 46}{space 1}   29.57{col 55}{space 3}0.000{col 63}{space 4} .4806556{col 76}{space 3} .5491102
{txt}instrument_ind_claims {c |}{col 23}{res}{space 2}-.0433589{col 35}{space 2} .0182998{col 46}{space 1}   -2.37{col 55}{space 3}0.018{col 63}{space 4}-.0793286{col 76}{space 3}-.0073891
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} .9685005{col 35}{space 2} .0588443{col 46}{space 1}   16.46{col 55}{space 3}0.000{col 63}{space 4} .8528368{col 76}{space 3} 1.084164
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 16}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}    Absorbed FE{col 17}{c |} Categories{col 30} - Redundant{col 42}  = Num. Coefs{col 57}{c |}
{res}{col 1}{text}{hline 16}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    ind_year_fe{col 17}{c |}{space 1}     1951{col 30}{space 1}     1951{col 42}{result}{space 1}        0{col 56}{text}*{col 57}{c |}
{res}{col 1}{text} techsc_year_fe{col 17}{c |}{space 1}     3882{col 30}{space 1}        0{col 42}{result}{space 1}     3882{col 56}{text} {col 57}{c |}
{res}{col 1}{text}      state_num{col 17}{c |}{space 1}       51{col 30}{space 1}        1{col 42}{result}{space 1}       50{col 56}{text} {col 57}{c |}
{res}{col 1}{text}{hline 16}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   423) ={res}  874.29
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2B.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2B.txt""':seeout}
i.exgrade_fe{col 19}_Iexgrade_f_1-7{col 39}(naturally coded; _Iexgrade_f_1 omitted)
{res}{txt}(dropped 5707 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 31 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    16,390
{txt}Absorbing 3 HDFE groups{col 51}F({res}   9{txt},{res}    423{txt}){col 67}= {res}    105.87
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.7403
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5945
{txt}{col 51}Within R-sq.{col 67}= {res}    0.2073
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       424{txt}{col 51}Root MSE{col 67}= {res}    0.5813

{txt}{ralign 87:(Std. Err. adjusted for {res:424} clusters in gau)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}lag_app_to_first_ac~n{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}iv {c |}{col 23}{res}{space 2} .5288767{col 35}{space 2} .0177765{col 46}{space 1}   29.75{col 55}{space 3}0.000{col 63}{space 4} .4939356{col 76}{space 3} .5638179
{txt}instrument_ind_claims {c |}{col 23}{res}{space 2}-.0422108{col 35}{space 2} .0183641{col 46}{space 1}   -2.30{col 55}{space 3}0.022{col 63}{space 4} -.078307{col 76}{space 3}-.0061145
{txt}{space 8}_Iexgrade_f_2 {c |}{col 23}{res}{space 2}-.0601693{col 35}{space 2} .0338778{col 46}{space 1}   -1.78{col 55}{space 3}0.076{col 63}{space 4} -.126759{col 76}{space 3} .0064205
{txt}{space 8}_Iexgrade_f_3 {c |}{col 23}{res}{space 2}-.0767435{col 35}{space 2} .0357524{col 46}{space 1}   -2.15{col 55}{space 3}0.032{col 63}{space 4}-.1470179{col 76}{space 3} -.006469
{txt}{space 8}_Iexgrade_f_4 {c |}{col 23}{res}{space 2} -.141747{col 35}{space 2} .0399537{col 46}{space 1}   -3.55{col 55}{space 3}0.000{col 63}{space 4}-.2202795{col 76}{space 3}-.0632145
{txt}{space 8}_Iexgrade_f_5 {c |}{col 23}{res}{space 2}-.1401433{col 35}{space 2} .0393227{col 46}{space 1}   -3.56{col 55}{space 3}0.000{col 63}{space 4}-.2174355{col 76}{space 3}-.0628512
{txt}{space 8}_Iexgrade_f_6 {c |}{col 23}{res}{space 2}-.0770933{col 35}{space 2} .0446123{col 46}{space 1}   -1.73{col 55}{space 3}0.085{col 63}{space 4}-.1647827{col 76}{space 3}  .010596
{txt}{space 8}_Iexgrade_f_7 {c |}{col 23}{res}{space 2}-.1996263{col 35}{space 2} .0638449{col 46}{space 1}   -3.13{col 55}{space 3}0.002{col 63}{space 4}-.3251191{col 76}{space 3}-.0741335
{txt}{space 10}ln_extenure {c |}{col 23}{res}{space 2} .0438086{col 35}{space 2} .0124913{col 46}{space 1}    3.51{col 55}{space 3}0.001{col 63}{space 4} .0192557{col 76}{space 3} .0683614
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} .8492954{col 35}{space 2} .0725548{col 46}{space 1}   11.71{col 55}{space 3}0.000{col 63}{space 4} .7066825{col 76}{space 3} .9919083
{txt}{hline 22}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 16}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}    Absorbed FE{col 17}{c |} Categories{col 30} - Redundant{col 42}  = Num. Coefs{col 57}{c |}
{res}{col 1}{text}{hline 16}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    ind_year_fe{col 17}{c |}{space 1}     1950{col 30}{space 1}     1950{col 42}{result}{space 1}        0{col 56}{text}*{col 57}{c |}
{res}{col 1}{text} techsc_year_fe{col 17}{c |}{space 1}     3882{col 30}{space 1}        0{col 42}{result}{space 1}     3882{col 56}{text} {col 57}{c |}
{res}{col 1}{text}      state_num{col 17}{c |}{space 1}       51{col 30}{space 1}        1{col 42}{result}{space 1}       50{col 56}{text} {col 57}{c |}
{res}{col 1}{text}{hline 16}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{p 0 7}{space 1}{text:( 1)}{space 1} iv = 0{p_end}

{txt}       F(  1,   423) ={res}  885.15
{txt}{col 13}Prob > F ={res}    0.0000
{txt}{browse `"Table2B.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table2B.txt""':seeout}

{com}. 
. 
. *******************************
. *** TABLE 3, PANELS A AND B ***
. *******************************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach instrument in instrument_ind_claims instrument_lag {c -(}
{txt}  2{com}.         * Column 1: 
.         xi: reghdfe `instrument' ln_initial_app_emp ln_initial_app_sales age_application_w, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  3{com}.                 outreg2 using "Table3.xls", dec(3) append keep(ln_initial_app_emp ln_initial_app_sales age_application_w) noparen nocons
{txt}  4{com}.         * Column 2: 
.         xi: reghdfe `instrument' growth_p1_emp_w growth_p1_sales_w, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  5{com}.                 outreg2 using "Table3.xls", dec(3) append keep(growth_p1_emp_w growth_p1_sales_w) noparen nocons
{txt}  6{com}.         * Column 3: 
.         xi: reghdfe `instrument' pub_clm_ct avg_pub_clm_wrd_ct backwards_cites npl_cites, absorb(ind_year_fe techsc_year_fe state_num) vce(cluster gau)
{txt}  7{com}.                 outreg2 using "Table3.xls", dec(3) append keep(pub_clm_ct avg_pub_clm_wrd_ct backwards_cites npl_cites) noparen nocons
{txt}  8{com}.         * Column 4: 
.         xi: reghdfe `instrument' grant_eu if appl_eu==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt}  9{com}.                 outreg2 using "Table3.xls", dec(3) append keep(grant_eu) noparen nocons
{txt} 10{com}.         * Column 5: 
.         xi: reghdfe `instrument' grant_jp if appl_jp==1, absorb(ind_year_fe state_num) vce(cluster gau)
{txt} 11{com}.                 outreg2 using "Table3.xls", dec(3) append keep(grant_jp) noparen nocons
{txt} 12{com}. {c )-}
{res}{txt}(dropped 258 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    20,312
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    443{txt}){col 67}= {res}      0.48
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.6958
{txt}{col 51}R-squared{col 67}= {res}    0.6210
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5729
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0001
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    0.4912

{txt}{ralign 86:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}instrument_ind_cla~s{col 22}{c |}      Coef.{col 34}   Std. Err.{col 46}      t{col 54}   P>|t|{col 62}     [95% Con{col 75}f. Interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}ln_initial_app_emp {c |}{col 22}{res}{space 2} .0035187{col 34}{space 2} .0045077{col 45}{space 1}    0.78{col 54}{space 3}0.435{col 62}{space 4}-.0053405{col 75}{space 3} .0123779
{txt}ln_initial_app_sales {c |}{col 22}{res}{space 2}-.0030389{col 34}{space 2} .0033506{col 45}{space 1}   -0.91{col 54}{space 3}0.365{col 62}{space 4}-.0096239{col 75}{space 3} .0035462
{txt}{space 3}age_application_w {c |}{col 22}{res}{space 2}-.0001993{col 34}{space 2} .0002944{col 45}{space 1}   -0.68{col 54}{space 3}0.499{col 62}{space 4}-.0007779{col 75}{space 3} .0003792
{txt}{space 15}_cons {c |}{col 22}{res}{space 2} 2.953082{col 34}{space 2} .0379041{col 45}{space 1}   77.91{col 54}{space 3}0.000{col 62}{space 4} 2.878588{col 75}{space 3} 3.027576
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2233{col 27}{space 1}     2233{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 302 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    17,684
{txt}Absorbing 2 HDFE groups{col 51}F({res}   2{txt},{res}    435{txt}){col 67}= {res}      0.19
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.8269
{txt}{col 51}R-squared{col 67}= {res}    0.6336
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5816
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0000
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       436{txt}{col 51}Root MSE{col 67}= {res}    0.4831

{txt}{ralign 83:(Std. Err. adjusted for {res:436} clusters in gau)}
{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}instrument_ind_~s{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}growth_p1_emp_w {c |}{col 19}{res}{space 2} .0010128{col 31}{space 2} .0100223{col 42}{space 1}    0.10{col 51}{space 3}0.920{col 59}{space 4}-.0186853{col 72}{space 3} .0207108
{txt}growth_p1_sales_w {c |}{col 19}{res}{space 2} .0019587{col 31}{space 2} .0072389{col 42}{space 1}    0.27{col 51}{space 3}0.787{col 59}{space 4}-.0122688{col 72}{space 3} .0161861
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} 2.917183{col 31}{space 2} .0009023{col 42}{space 1} 3232.97{col 51}{space 3}0.000{col 59}{space 4}  2.91541{col 72}{space 3} 2.918957
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2144{col 27}{space 1}     2144{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 5266 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 46 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    11,671
{txt}Absorbing 3 HDFE groups{col 51}F({res}   4{txt},{res}    400{txt}){col 67}= {res}      0.90
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.4667
{txt}{col 51}R-squared{col 67}= {res}    0.7867
{txt}{col 51}Adj R-squared{col 67}= {res}    0.6314
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       401{txt}{col 51}Root MSE{col 67}= {res}    0.4342

{txt}{ralign 84:(Std. Err. adjusted for {res:401} clusters in gau)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}instrument_ind_c~s{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}pub_clm_ct {c |}{col 20}{res}{space 2} .0011055{col 32}{space 2} .0015526{col 43}{space 1}    0.71{col 52}{space 3}0.477{col 60}{space 4}-.0019467{col 73}{space 3} .0041578
{txt}avg_pub_clm_wrd_ct {c |}{col 20}{res}{space 2} .0000746{col 32}{space 2} .0000576{col 43}{space 1}    1.30{col 52}{space 3}0.196{col 60}{space 4}-.0000386{col 73}{space 3} .0001878
{txt}{space 3}backwards_cites {c |}{col 20}{res}{space 2}   .00004{col 32}{space 2}  .000174{col 43}{space 1}    0.23{col 52}{space 3}0.818{col 60}{space 4} -.000302{col 73}{space 3}  .000382
{txt}{space 9}npl_cites {c |}{col 20}{res}{space 2} .0002828{col 32}{space 2} .0003028{col 43}{space 1}    0.93{col 52}{space 3}0.351{col 60}{space 4}-.0003125{col 73}{space 3} .0008781
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} 2.953337{col 32}{space 2} .0101713{col 43}{space 1}  290.36{col 52}{space 3}0.000{col 60}{space 4} 2.933341{col 73}{space 3} 2.973333
{txt}{hline 19}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 16}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}    Absorbed FE{col 17}{c |} Categories{col 30} - Redundant{col 42}  = Num. Coefs{col 57}{c |}
{res}{col 1}{text}{hline 16}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    ind_year_fe{col 17}{c |}{space 1}     1750{col 30}{space 1}     1750{col 42}{result}{space 1}        0{col 56}{text}*{col 57}{c |}
{res}{col 1}{text} techsc_year_fe{col 17}{c |}{space 1}     3113{col 30}{space 1}        0{col 42}{result}{space 1}     3113{col 56}{text} {col 57}{c |}
{res}{col 1}{text}      state_num{col 17}{c |}{space 1}       51{col 30}{space 1}        1{col 42}{result}{space 1}       50{col 56}{text} {col 57}{c |}
{res}{col 1}{text}{hline 16}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 623 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 8 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,294
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    357{txt}){col 67}= {res}      2.19
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1396
{txt}{col 51}R-squared{col 67}= {res}    0.6971
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5925
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0005
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       358{txt}{col 51}Root MSE{col 67}= {res}    0.4862

{txt}{ralign 78:(Std. Err. adjusted for {res:358} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}ins~d_claims{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}grant_eu {c |}{col 14}{res}{space 2} .0220248{col 26}{space 2} .0148746{col 37}{space 1}    1.48{col 46}{space 3}0.140{col 54}{space 4}-.0072281{col 67}{space 3} .0512776
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.895201{col 26}{space 2} .0052204{col 37}{space 1}  554.59{col 46}{space 3}0.000{col 54}{space 4} 2.884934{col 67}{space 3} 2.905467
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1308{col 27}{space 1}     1308{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 686 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,698
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    297{txt}){col 67}= {res}      0.47
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.4918
{txt}{col 51}R-squared{col 67}= {res}    0.7500
{txt}{col 51}Adj R-squared{col 67}= {res}    0.6259
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0002
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       298{txt}{col 51}Root MSE{col 67}= {res}    0.4452

{txt}{ralign 78:(Std. Err. adjusted for {res:298} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}ins~d_claims{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}grant_jp {c |}{col 14}{res}{space 2} .0137064{col 26}{space 2}  .019914{col 37}{space 1}    0.69{col 46}{space 3}0.492{col 54}{space 4} -.025484{col 67}{space 3} .0528968
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.858757{col 26}{space 2} .0080674{col 37}{space 1}  354.36{col 46}{space 3}0.000{col 54}{space 4} 2.842881{col 67}{space 3} 2.874634
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}      846{col 27}{space 1}      846{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 252 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    20,445
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    443{txt}){col 67}= {res}      1.48
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.2200
{txt}{col 51}R-squared{col 67}= {res}    0.6216
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5737
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0002
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       444{txt}{col 51}Root MSE{col 67}= {res}    0.5985

{txt}{ralign 86:(Std. Err. adjusted for {res:444} clusters in gau)}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}      instrument_lag{col 22}{c |}      Coef.{col 34}   Std. Err.{col 46}      t{col 54}   P>|t|{col 62}     [95% Con{col 75}f. Interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}ln_initial_app_emp {c |}{col 22}{res}{space 2}-.0025179{col 34}{space 2} .0056916{col 45}{space 1}   -0.44{col 54}{space 3}0.658{col 62}{space 4}-.0137037{col 75}{space 3} .0086679
{txt}ln_initial_app_sales {c |}{col 22}{res}{space 2} .0016386{col 34}{space 2} .0044521{col 45}{space 1}    0.37{col 54}{space 3}0.713{col 62}{space 4}-.0071112{col 75}{space 3} .0103885
{txt}{space 3}age_application_w {c |}{col 22}{res}{space 2}-.0006049{col 34}{space 2} .0004002{col 45}{space 1}   -1.51{col 54}{space 3}0.131{col 62}{space 4}-.0013914{col 75}{space 3} .0001816
{txt}{space 15}_cons {c |}{col 22}{res}{space 2} 1.644049{col 34}{space 2}  .051791{col 45}{space 1}   31.74{col 54}{space 3}0.000{col 62}{space 4} 1.542263{col 75}{space 3} 1.745836
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2242{col 27}{space 1}     2242{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 295 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    17,801
{txt}Absorbing 2 HDFE groups{col 51}F({res}   2{txt},{res}    436{txt}){col 67}= {res}      0.40
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.6719
{txt}{col 51}R-squared{col 67}= {res}    0.6264
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5735
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0000
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       437{txt}{col 51}Root MSE{col 67}= {res}    0.5965

{txt}{ralign 83:(Std. Err. adjusted for {res:437} clusters in gau)}
{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}   instrument_lag{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}growth_p1_emp_w {c |}{col 19}{res}{space 2} .0000325{col 31}{space 2} .0129876{col 42}{space 1}    0.00{col 51}{space 3}0.998{col 59}{space 4}-.0254936{col 72}{space 3} .0255585
{txt}growth_p1_sales_w {c |}{col 19}{res}{space 2} .0049036{col 31}{space 2} .0096833{col 42}{space 1}    0.51{col 51}{space 3}0.613{col 59}{space 4}-.0141282{col 72}{space 3} .0239355
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} 1.646625{col 31}{space 2} .0011546{col 42}{space 1} 1426.13{col 51}{space 3}0.000{col 59}{space 4} 1.644356{col 72}{space 3} 1.648895
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2154{col 27}{space 1}     2154{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 5272 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 46 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    11,706
{txt}Absorbing 3 HDFE groups{col 51}F({res}   4{txt},{res}    401{txt}){col 67}= {res}      1.38
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.2400
{txt}{col 51}R-squared{col 67}= {res}    0.7362
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5448
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0011
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       402{txt}{col 51}Root MSE{col 67}= {res}    0.5862

{txt}{ralign 84:(Std. Err. adjusted for {res:402} clusters in gau)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}    instrument_lag{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}pub_clm_ct {c |}{col 20}{res}{space 2}  .001727{col 32}{space 2} .0026498{col 43}{space 1}    0.65{col 52}{space 3}0.515{col 60}{space 4}-.0034824{col 73}{space 3} .0069363
{txt}avg_pub_clm_wrd_ct {c |}{col 20}{res}{space 2} .0000882{col 32}{space 2} .0000789{col 43}{space 1}    1.12{col 52}{space 3}0.264{col 60}{space 4}-.0000669{col 73}{space 3} .0002433
{txt}{space 3}backwards_cites {c |}{col 20}{res}{space 2}-.0002482{col 32}{space 2} .0002265{col 43}{space 1}   -1.10{col 52}{space 3}0.274{col 60}{space 4}-.0006936{col 73}{space 3} .0001972
{txt}{space 9}npl_cites {c |}{col 20}{res}{space 2} .0009674{col 32}{space 2} .0005162{col 43}{space 1}    1.87{col 52}{space 3}0.062{col 60}{space 4}-.0000475{col 73}{space 3} .0019823
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}  1.55619{col 32}{space 2} .0152878{col 43}{space 1}  101.79{col 52}{space 3}0.000{col 60}{space 4} 1.526135{col 73}{space 3} 1.586244
{txt}{hline 19}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 16}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text}    Absorbed FE{col 17}{c |} Categories{col 30} - Redundant{col 42}  = Num. Coefs{col 57}{c |}
{res}{col 1}{text}{hline 16}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}    ind_year_fe{col 17}{c |}{space 1}     1752{col 30}{space 1}     1752{col 42}{result}{space 1}        0{col 56}{text}*{col 57}{c |}
{res}{col 1}{text} techsc_year_fe{col 17}{c |}{space 1}     3118{col 30}{space 1}        0{col 42}{result}{space 1}     3118{col 56}{text} {col 57}{c |}
{res}{col 1}{text}      state_num{col 17}{c |}{space 1}       51{col 30}{space 1}        1{col 42}{result}{space 1}       50{col 56}{text} {col 57}{c |}
{res}{col 1}{text}{hline 16}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 621 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 8 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     5,339
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    356{txt}){col 67}= {res}      2.27
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1327
{txt}{col 51}R-squared{col 67}= {res}    0.6439
{txt}{col 51}Adj R-squared{col 67}= {res}    0.5213
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0006
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       357{txt}{col 51}Root MSE{col 67}= {res}    0.5975

{txt}{ralign 78:(Std. Err. adjusted for {res:357} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}instrument~g{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}grant_eu {c |}{col 14}{res}{space 2}-.0301057{col 26}{space 2} .0199772{col 37}{space 1}   -1.51{col 46}{space 3}0.133{col 54}{space 4}-.0693939{col 67}{space 3} .0091826
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  1.64841{col 26}{space 2} .0070083{col 37}{space 1}  235.21{col 46}{space 3}0.000{col 54}{space 4} 1.634627{col 67}{space 3} 1.662193
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1316{col 27}{space 1}     1316{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}
{res}{txt}(dropped 687 {browse "http://scorreia.com/research/singletons.pdf":singleton observations})
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 10 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}     2,722
{txt}Absorbing 2 HDFE groups{col 51}F({res}   1{txt},{res}    297{txt}){col 67}= {res}      2.51
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.1142
{txt}{col 51}R-squared{col 67}= {res}    0.6519
{txt}{col 51}Adj R-squared{col 67}= {res}    0.4793
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0012
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       298{txt}{col 51}Root MSE{col 67}= {res}    0.5979

{txt}{ralign 78:(Std. Err. adjusted for {res:298} clusters in gau)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}instrument~g{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}grant_jp {c |}{col 14}{res}{space 2}-.0421122{col 26}{space 2} .0265829{col 37}{space 1}   -1.58{col 46}{space 3}0.114{col 54}{space 4} -.094427{col 67}{space 3} .0102026
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 1.594599{col 26}{space 2} .0107523{col 37}{space 1}  148.30{col 46}{space 3}0.000{col 54}{space 4} 1.573439{col 67}{space 3}  1.61576
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}      853{col 27}{space 1}      853{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}   state_num{col 14}{c |}{space 1}       49{col 27}{space 1}        0{col 39}{result}{space 1}       49{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}{browse `"Table3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table3.txt""':seeout}

{com}. 
. 
. **********************************
. **** TABLE 4, PANELS A AND B *****
. *** TABLE IA.1, PANELS A AND B ***
. **********************************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                         local KPFstat=e(widstat)
{txt}  6{com}.                         su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                         local mean=r(mean)
{txt}  8{com}.                         outreg2 using "Table4.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.                         g sample=e(sample)
{txt} 10{com}.                 reghdfe growth`i'_`var'_w pat_clm_ct lag_app_to_first_action $controls if $filters & sample==1, absorb(i.state_num ind_year_fe) cluster(gau) 
{txt} 11{com}.                         su growth`i'_`var'_w if e(sample)==1
{txt} 12{com}.                         local mean=r(mean)
{txt} 13{com}.                         outreg2 using "Table_IA1.xls", dec(3) addstat("Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nocons
{txt} 14{com}.                 drop sample
{txt} 15{com}.         {c )-}
{txt} 16{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   25.39
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2640.422045{txt}{col 55}Centered R2   = {res}  0.1573
{txt}Total (uncentered) SS   = {res} 2640.422045{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2639.363414{txt}{col 55}Root MSE      = {res}   .4745

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0112624{col 37}{space 2} .0192953{col 48}{space 1}   -0.58{col 57}{space 3}0.560{col 65}{space 4}-.0491904{col 78}{space 3} .0266656
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0345261{col 37}{space 2} .0142914{col 48}{space 1}   -2.42{col 57}{space 3}0.016{col 65}{space 4} -.062618{col 78}{space 3}-.0064342
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0235758{col 37}{space 2} .0027886{col 48}{space 1}   -8.45{col 57}{space 3}0.000{col 65}{space 4}-.0290573{col 78}{space 3}-.0180943
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     27.45
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1626
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0237
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0067
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.4730

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0037676{col 37}{space 2} .0026488{col 48}{space 1}    1.42{col 57}{space 3}0.156{col 65}{space 4}-.0014391{col 78}{space 3} .0089743
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0197328{col 37}{space 2} .0068377{col 48}{space 1}   -2.89{col 57}{space 3}0.004{col 65}{space 4}-.0331734{col 78}{space 3}-.0062922
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0235718{col 37}{space 2} .0027353{col 48}{space 1}   -8.62{col 57}{space 3}0.000{col 65}{space 4}-.0289485{col 78}{space 3}-.0181952
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .1343632{col 37}{space 2} .0143385{col 48}{space 1}    9.37{col 57}{space 3}0.000{col 65}{space 4} .1061787{col 78}{space 3} .1625476
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   40.82
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9159.34247{txt}{col 55}Centered R2   = {res}  0.1717
{txt}Total (uncentered) SS   = {res}  9159.34247{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9048.754765{txt}{col 55}Root MSE      = {res}   .8785

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0135825{col 37}{space 2} .0312834{col 48}{space 1}    0.43{col 57}{space 3}0.664{col 65}{space 4}-.0479098{col 78}{space 3} .0750749
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0842706{col 37}{space 2} .0277606{col 48}{space 1}   -3.04{col 57}{space 3}0.003{col 65}{space 4}-.1388384{col 78}{space 3}-.0297028
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0590297{col 37}{space 2} .0054527{col 48}{space 1}  -10.83{col 57}{space 3}0.000{col 65}{space 4}-.0697478{col 78}{space 3}-.0483115
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     44.95
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1721
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0347
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0125
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.8783

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0092925{col 37}{space 2} .0043302{col 48}{space 1}    2.15{col 57}{space 3}0.032{col 65}{space 4} .0007809{col 78}{space 3} .0178041
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0596282{col 37}{space 2} .0136256{col 48}{space 1}   -4.38{col 57}{space 3}0.000{col 65}{space 4}-.0864114{col 78}{space 3}-.0328451
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0587735{col 37}{space 2} .0054064{col 48}{space 1}  -10.87{col 57}{space 3}0.000{col 65}{space 4}-.0694006{col 78}{space 3}-.0481463
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .3373561{col 37}{space 2}  .028637{col 48}{space 1}   11.78{col 57}{space 3}0.000{col 65}{space 4} .2810655{col 78}{space 3} .3936466
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   38.83
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  16635.9594{txt}{col 55}Centered R2   = {res}  0.1747
{txt}Total (uncentered) SS   = {res}  16635.9594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16423.19589{txt}{col 55}Root MSE      = {res}   1.184

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0043448{col 37}{space 2} .0392034{col 48}{space 1}   -0.11{col 57}{space 3}0.912{col 65}{space 4}-.0814053{col 78}{space 3} .0727156
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1053895{col 37}{space 2} .0390339{col 48}{space 1}   -2.70{col 57}{space 3}0.007{col 65}{space 4}-.1821167{col 78}{space 3}-.0286623
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0828754{col 37}{space 2} .0077937{col 48}{space 1}  -10.63{col 57}{space 3}0.000{col 65}{space 4} -.098195{col 78}{space 3}-.0675557
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     44.18
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1758
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0390
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0141
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    1.1828

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .012794{col 37}{space 2} .0052973{col 48}{space 1}    2.42{col 57}{space 3}0.016{col 65}{space 4} .0023814{col 78}{space 3} .0232066
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0919942{col 37}{space 2} .0202656{col 48}{space 1}   -4.54{col 57}{space 3}0.000{col 65}{space 4}-.1318295{col 78}{space 3} -.052159
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0829018{col 37}{space 2} .0077325{col 48}{space 1}  -10.72{col 57}{space 3}0.000{col 65}{space 4}-.0981012{col 78}{space 3}-.0677024
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .4799363{col 37}{space 2} .0397899{col 48}{space 1}   12.06{col 57}{space 3}0.000{col 65}{space 4}  .401723{col 78}{space 3} .5581496
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   36.06
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22464.62229{txt}{col 55}Centered R2   = {res}  0.1777
{txt}Total (uncentered) SS   = {res} 22464.62229{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22268.36747{txt}{col 55}Root MSE      = {res}   1.378

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0557807{col 37}{space 2} .0490088{col 48}{space 1}    1.14{col 57}{space 3}0.256{col 65}{space 4}-.0405538{col 78}{space 3} .1521152
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1210445{col 37}{space 2} .0432431{col 48}{space 1}   -2.80{col 57}{space 3}0.005{col 65}{space 4}-.2060456{col 78}{space 3}-.0360434
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0947623{col 37}{space 2} .0094152{col 48}{space 1}  -10.06{col 57}{space 3}0.000{col 65}{space 4}-.1132694{col 78}{space 3}-.0762552
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     40.12
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1817
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0460
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0135
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    1.3748

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0159234{col 37}{space 2} .0059183{col 48}{space 1}    2.69{col 57}{space 3}0.007{col 65}{space 4} .0042901{col 78}{space 3} .0275568
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1040706{col 37}{space 2}  .022294{col 48}{space 1}   -4.67{col 57}{space 3}0.000{col 65}{space 4}-.1478929{col 78}{space 3}-.0602484
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0942718{col 37}{space 2} .0094499{col 48}{space 1}   -9.98{col 57}{space 3}0.000{col 65}{space 4} -.112847{col 78}{space 3}-.0756966
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .5376831{col 37}{space 2} .0450472{col 48}{space 1}   11.94{col 57}{space 3}0.000{col 65}{space 4} .4491359{col 78}{space 3} .6262304
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   36.03
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27282.27927{txt}{col 55}Centered R2   = {res}  0.1704
{txt}Total (uncentered) SS   = {res} 27282.27927{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27196.90445{txt}{col 55}Root MSE      = {res}   1.523

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0791254{col 37}{space 2} .0559535{col 48}{space 1}    1.41{col 57}{space 3}0.158{col 65}{space 4}-.0308599{col 78}{space 3} .1891107
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1275393{col 37}{space 2}  .048821{col 48}{space 1}   -2.61{col 57}{space 3}0.009{col 65}{space 4}-.2235045{col 78}{space 3}-.0315741
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1008948{col 37}{space 2} .0099888{col 48}{space 1}  -10.10{col 57}{space 3}0.000{col 65}{space 4}-.1205293{col 78}{space 3}-.0812603
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     38.86
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1785
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0423
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0129
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    1.5155

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0163071{col 37}{space 2} .0067355{col 48}{space 1}    2.42{col 57}{space 3}0.016{col 65}{space 4} .0030675{col 78}{space 3} .0295467
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1194372{col 37}{space 2} .0255016{col 48}{space 1}   -4.68{col 57}{space 3}0.000{col 65}{space 4}-.1695646{col 78}{space 3}-.0693098
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} -.100288{col 37}{space 2} .0100383{col 48}{space 1}   -9.99{col 57}{space 3}0.000{col 65}{space 4}-.1200199{col 78}{space 3}-.0805562
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .5678133{col 37}{space 2} .0538938{col 48}{space 1}   10.54{col 57}{space 3}0.000{col 65}{space 4} .4618766{col 78}{space 3}   .67375
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   18.35
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5735.31446{txt}{col 55}Centered R2   = {res}  0.1576
{txt}Total (uncentered) SS   = {res}  5735.31446{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5712.658569{txt}{col 55}Root MSE      = {res}    .698

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0056284{col 37}{space 2} .0296826{col 48}{space 1}   -0.19{col 57}{space 3}0.850{col 65}{space 4}-.0639742{col 78}{space 3} .0527173
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.030687{col 37}{space 2} .0213556{col 48}{space 1}   -1.44{col 57}{space 3}0.151{col 65}{space 4}-.0726648{col 78}{space 3} .0112909
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0256112{col 37}{space 2} .0035003{col 48}{space 1}   -7.32{col 57}{space 3}0.000{col 65}{space 4}-.0324916{col 78}{space 3}-.0187309
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.344
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.900
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.951
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     18.73
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1587
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0192
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0053
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.6975

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0045777{col 37}{space 2} .0033787{col 48}{space 1}    1.35{col 57}{space 3}0.176{col 65}{space 4}-.0020636{col 78}{space 3} .0112191
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0189932{col 37}{space 2} .0095456{col 48}{space 1}   -1.99{col 57}{space 3}0.047{col 65}{space 4}-.0377566{col 78}{space 3}-.0002298
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0255269{col 37}{space 2} .0034925{col 48}{space 1}   -7.31{col 57}{space 3}0.000{col 65}{space 4} -.032392{col 78}{space 3}-.0186618
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .4734186{col 37}{space 2} .0508703{col 48}{space 1}    9.31{col 57}{space 3}0.000{col 65}{space 4} .3734252{col 78}{space 3}  .573412
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   27.35
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19826.90291{txt}{col 55}Centered R2   = {res}  0.1675
{txt}Total (uncentered) SS   = {res} 19826.90291{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 19723.21737{txt}{col 55}Root MSE      = {res}   1.297

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0438603{col 37}{space 2} .0486247{col 48}{space 1}    0.90{col 57}{space 3}0.368{col 65}{space 4} -.051719{col 78}{space 3} .1394397
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0832462{col 37}{space 2} .0444432{col 48}{space 1}   -1.87{col 57}{space 3}0.062{col 65}{space 4}-.1706062{col 78}{space 3} .0041137
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0653147{col 37}{space 2} .0073013{col 48}{space 1}   -8.95{col 57}{space 3}0.000{col 65}{space 4}-.0796666{col 78}{space 3}-.0509629
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.344
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.900
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.951
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     28.15
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1713
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0339
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0098
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    1.2940

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0080304{col 37}{space 2}  .005178{col 48}{space 1}    1.55{col 57}{space 3}0.122{col 65}{space 4}-.0021477{col 78}{space 3} .0182085
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0513541{col 37}{space 2} .0201189{col 48}{space 1}   -2.55{col 57}{space 3}0.011{col 65}{space 4}-.0909009{col 78}{space 3}-.0118073
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0649583{col 37}{space 2} .0072921{col 48}{space 1}   -8.91{col 57}{space 3}0.000{col 65}{space 4}-.0792919{col 78}{space 3}-.0506246
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} 1.181628{col 37}{space 2} .1070301{col 48}{space 1}   11.04{col 57}{space 3}0.000{col 65}{space 4} .9712437{col 78}{space 3} 1.392012
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   28.45
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 36140.68538{txt}{col 55}Centered R2   = {res}  0.1769
{txt}Total (uncentered) SS   = {res} 36140.68538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  35698.5016{txt}{col 55}Root MSE      = {res}   1.745

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}   .02303{col 37}{space 2} .0611028{col 48}{space 1}    0.38{col 57}{space 3}0.706{col 65}{space 4} -.097077{col 78}{space 3}  .143137
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1203681{col 37}{space 2} .0609328{col 48}{space 1}   -1.98{col 57}{space 3}0.049{col 65}{space 4}-.2401411{col 78}{space 3}-.0005952
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0996248{col 37}{space 2} .0108388{col 48}{space 1}   -9.19{col 57}{space 3}0.000{col 65}{space 4}-.1209303{col 78}{space 3}-.0783194
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.344
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.900
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.951
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     30.91
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1772
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0407
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0126
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    1.7446

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .013178{col 37}{space 2} .0072603{col 48}{space 1}    1.82{col 57}{space 3}0.070{col 65}{space 4}-.0010932{col 78}{space 3} .0274493
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0803582{col 37}{space 2}  .027254{col 48}{space 1}   -2.95{col 57}{space 3}0.003{col 65}{space 4}  -.13393{col 78}{space 3}-.0267863
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0992473{col 37}{space 2} .0107949{col 48}{space 1}   -9.19{col 57}{space 3}0.000{col 65}{space 4}-.1204665{col 78}{space 3}-.0780282
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} 1.779985{col 37}{space 2}  .156811{col 48}{space 1}   11.35{col 57}{space 3}0.000{col 65}{space 4} 1.471749{col 78}{space 3} 2.088222
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   35.19
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 51864.78975{txt}{col 55}Centered R2   = {res}  0.1714
{txt}Total (uncentered) SS   = {res} 51864.78975{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 51577.32153{txt}{col 55}Root MSE      = {res}   2.097

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .107519{col 37}{space 2} .0730921{col 48}{space 1}    1.47{col 57}{space 3}0.142{col 65}{space 4}-.0361548{col 78}{space 3} .2511929
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1705211{col 37}{space 2} .0681812{col 48}{space 1}   -2.50{col 57}{space 3}0.013{col 65}{space 4}-.3045418{col 78}{space 3}-.0365003
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1328298{col 37}{space 2} .0131994{col 48}{space 1}  -10.06{col 57}{space 3}0.000{col 65}{space 4}-.1587752{col 78}{space 3}-.1068844
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.344
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.900
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.951
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     38.62
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1801
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0441
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0159
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    2.0864

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0188026{col 37}{space 2} .0096104{col 48}{space 1}    1.96{col 57}{space 3}0.051{col 65}{space 4}-.0000882{col 78}{space 3} .0376933
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.121914{col 37}{space 2} .0303779{col 48}{space 1}   -4.01{col 57}{space 3}0.000{col 65}{space 4}-.1816265{col 78}{space 3}-.0622015
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1322187{col 37}{space 2} .0131475{col 48}{space 1}  -10.06{col 57}{space 3}0.000{col 65}{space 4}-.1580621{col 78}{space 3}-.1063753
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} 2.347756{col 37}{space 2} .1923884{col 48}{space 1}   12.20{col 57}{space 3}0.000{col 65}{space 4} 1.969587{col 78}{space 3} 2.725925
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   37.50
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  67032.7829{txt}{col 55}Centered R2   = {res}  0.1686
{txt}Total (uncentered) SS   = {res}  67032.7829{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 66692.01831{txt}{col 55}Root MSE      = {res}   2.385

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1253562{col 37}{space 2} .0872332{col 48}{space 1}    1.44{col 57}{space 3}0.151{col 65}{space 4}-.0461143{col 78}{space 3} .2968267
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2040746{col 37}{space 2} .0776625{col 48}{space 1}   -2.63{col 57}{space 3}0.009{col 65}{space 4}-.3567324{col 78}{space 3}-.0514168
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1504539{col 37}{space 2} .0145171{col 48}{space 1}  -10.36{col 57}{space 3}0.000{col 65}{space 4}-.1789895{col 78}{space 3}-.1219184
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.344
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.900
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.951
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     39.00
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1780
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0417
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0164
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    2.3714

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0197969{col 37}{space 2} .0115213{col 48}{space 1}    1.72{col 57}{space 3}0.086{col 65}{space 4}-.0028501{col 78}{space 3} .0424438
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1671524{col 37}{space 2} .0373106{col 48}{space 1}   -4.48{col 57}{space 3}0.000{col 65}{space 4}-.2404922{col 78}{space 3}-.0938127
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.149914{col 37}{space 2} .0144501{col 48}{space 1}  -10.37{col 57}{space 3}0.000{col 65}{space 4}-.1783179{col 78}{space 3}  -.12151
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} 2.688335{col 37}{space 2}  .216312{col 48}{space 1}   12.43{col 57}{space 3}0.000{col 65}{space 4}  2.26314{col 78}{space 3} 3.113529
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}

{com}. 
. 
. ***************************
. **** TABLE 4, PANEL C *****
. *** TABLE IA.1, PANEL C ***
. ***************************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                 local KPFstat=e(widstat)
{txt}  5{com}.                 su survive`i' if e(sample)==1
{txt}  6{com}.                 local mean=r(mean)
{txt}  7{com}.                 outreg2 using "Table4.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}.                 g sample=e(sample)
{txt}  9{com}.         reghdfe survive`i' pat_clm_ct lag_app_to_first_action $controls if $filters & sample==1, absorb(i.state_num ind_year_fe) cluster(gau) 
{txt} 10{com}.                 su survive`i' if e(sample)==1
{txt} 11{com}.                 local mean=r(mean)
{txt} 12{com}.                 outreg2 using "Table_IA1.xls", dec(3) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nocons
{txt} 13{com}.         drop sample
{txt} 14{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}    5.32
{txt}{col 55}Prob > F      = {res}  0.0013
{txt}Total (centered) SS     = {res} 333.6797015{txt}{col 55}Centered R2   = {res}  0.1486
{txt}Total (uncentered) SS   = {res} 333.6797015{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 337.0036343{txt}{col 55}Root MSE      = {res}   .1695

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0082571{col 37}{space 2} .0074692{col 48}{space 1}   -1.11{col 57}{space 3}0.270{col 65}{space 4} -.022939{col 78}{space 3} .0064248
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0139901{col 37}{space 2} .0053205{col 48}{space 1}   -2.63{col 57}{space 3}0.009{col 65}{space 4}-.0244485{col 78}{space 3}-.0035318
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0033242{col 37}{space 2} .0010806{col 48}{space 1}    3.08{col 57}{space 3}0.002{col 65}{space 4} .0012002{col 78}{space 3} .0054482
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}      4.80
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0027
{txt}{col 51}R-squared{col 67}= {res}    0.1583
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0187
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0016
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.1686

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0011873{col 37}{space 2} .0006598{col 48}{space 1}   -1.80{col 57}{space 3}0.073{col 65}{space 4}-.0024843{col 78}{space 3} .0001098
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0048908{col 37}{space 2} .0024678{col 48}{space 1}   -1.98{col 57}{space 3}0.048{col 65}{space 4}-.0097416{col 78}{space 3}-.0000399
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0033452{col 37}{space 2} .0010867{col 48}{space 1}    3.08{col 57}{space 3}0.002{col 65}{space 4} .0012091{col 78}{space 3} .0054812
{txt}{space 18}_cons {c |}{col 25}{res}{space 2}  .974463{col 37}{space 2} .0046831{col 48}{space 1}  208.08{col 57}{space 3}0.000{col 65}{space 4} .9652576{col 78}{space 3} .9836685
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   11.65
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 682.0908786{txt}{col 55}Centered R2   = {res}  0.1597
{txt}Total (uncentered) SS   = {res} 682.0908786{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 681.5725592{txt}{col 55}Root MSE      = {res}   .2411

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0031122{col 37}{space 2} .0099784{col 48}{space 1}   -0.31{col 57}{space 3}0.755{col 65}{space 4}-.0227264{col 78}{space 3}  .016502
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0307194{col 37}{space 2} .0087415{col 48}{space 1}   -3.51{col 57}{space 3}0.000{col 65}{space 4}-.0479022{col 78}{space 3}-.0135366
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0075225{col 37}{space 2}  .001476{col 48}{space 1}    5.10{col 57}{space 3}0.000{col 65}{space 4} .0046212{col 78}{space 3} .0104238
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     10.96
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1622
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0232
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0036
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.2408

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0017833{col 37}{space 2} .0009803{col 48}{space 1}   -1.82{col 57}{space 3}0.070{col 65}{space 4}-.0037102{col 78}{space 3} .0001436
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0112146{col 37}{space 2} .0037837{col 48}{space 1}   -2.96{col 57}{space 3}0.003{col 65}{space 4} -.018652{col 78}{space 3}-.0037772
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0076851{col 37}{space 2} .0014822{col 48}{space 1}    5.18{col 57}{space 3}0.000{col 65}{space 4} .0047716{col 78}{space 3} .0105986
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .9435147{col 37}{space 2} .0067359{col 48}{space 1}  140.07{col 57}{space 3}0.000{col 65}{space 4} .9302743{col 78}{space 3} .9567551
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   19.51
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1054.978002{txt}{col 55}Centered R2   = {res}  0.1619
{txt}Total (uncentered) SS   = {res} 1054.978002{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1060.507255{txt}{col 55}Root MSE      = {res}   .3007

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0117812{col 37}{space 2} .0123783{col 48}{space 1}   -0.95{col 57}{space 3}0.342{col 65}{space 4}-.0361127{col 78}{space 3} .0125504
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0357022{col 37}{space 2} .0094547{col 48}{space 1}   -3.78{col 57}{space 3}0.000{col 65}{space 4}-.0542869{col 78}{space 3}-.0171175
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130848{col 37}{space 2} .0018815{col 48}{space 1}    6.95{col 57}{space 3}0.000{col 65}{space 4} .0093865{col 78}{space 3} .0167832
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     17.53
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1705
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0329
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0051
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.2992

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0016684{col 37}{space 2} .0011629{col 48}{space 1}   -1.43{col 57}{space 3}0.152{col 65}{space 4}-.0039542{col 78}{space 3} .0006173
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0081158{col 37}{space 2} .0048306{col 48}{space 1}   -1.68{col 57}{space 3}0.094{col 65}{space 4}-.0176111{col 78}{space 3} .0013795
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0132447{col 37}{space 2}  .001878{col 48}{space 1}    7.05{col 57}{space 3}0.000{col 65}{space 4} .0095532{col 78}{space 3} .0169363
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .8862975{col 37}{space 2}  .008476{col 48}{space 1}  104.57{col 57}{space 3}0.000{col 65}{space 4} .8696366{col 78}{space 3} .9029585
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   26.02
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1391.436165{txt}{col 55}Centered R2   = {res}  0.1705
{txt}Total (uncentered) SS   = {res} 1391.436165{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1399.839693{txt}{col 55}Root MSE      = {res}   .3455

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0141307{col 37}{space 2} .0137027{col 48}{space 1}   -1.03{col 57}{space 3}0.303{col 65}{space 4}-.0410655{col 78}{space 3} .0128041
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0409747{col 37}{space 2} .0107312{col 48}{space 1}   -3.82{col 57}{space 3}0.000{col 65}{space 4}-.0620685{col 78}{space 3}-.0198809
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .018113{col 37}{space 2} .0021738{col 48}{space 1}    8.33{col 57}{space 3}0.000{col 65}{space 4} .0138401{col 78}{space 3} .0223859
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     25.08
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1811
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0452
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0068
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.3433

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.001292{col 37}{space 2} .0013474{col 48}{space 1}   -0.96{col 57}{space 3}0.338{col 65}{space 4}-.0039404{col 78}{space 3} .0013564
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0050694{col 37}{space 2} .0053547{col 48}{space 1}   -0.95{col 57}{space 3}0.344{col 65}{space 4}-.0155949{col 78}{space 3} .0054561
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0183239{col 37}{space 2} .0021496{col 48}{space 1}    8.52{col 57}{space 3}0.000{col 65}{space 4} .0140985{col 78}{space 3} .0225493
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .8282039{col 37}{space 2} .0101015{col 48}{space 1}   81.99{col 57}{space 3}0.000{col 65}{space 4} .8083478{col 78}{space 3} .8480599
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   35.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1745.722879{txt}{col 55}Centered R2   = {res}  0.1601
{txt}Total (uncentered) SS   = {res} 1745.722879{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1774.646092{txt}{col 55}Root MSE      = {res}    .389

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0267626{col 37}{space 2} .0158441{col 48}{space 1}   -1.69{col 57}{space 3}0.092{col 65}{space 4}-.0579066{col 78}{space 3} .0043814
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.030212{col 37}{space 2} .0126418{col 48}{space 1}   -2.39{col 57}{space 3}0.017{col 65}{space 4}-.0550614{col 78}{space 3}-.0053626
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0242806{col 37}{space 2} .0024167{col 48}{space 1}   10.05{col 57}{space 3}0.000{col 65}{space 4} .0195302{col 78}{space 3} .0290309
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.411
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.858
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.001
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table4.txt""':seeout}
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    13,671
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    418{txt}){col 67}= {res}     35.30
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1816
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0459
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0095
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       419{txt}{col 51}Root MSE{col 67}= {res}    0.3840

{txt}{ralign 89:(Std. Err. adjusted for {res:419} clusters in gau)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0020909{col 37}{space 2} .0014989{col 48}{space 1}   -1.39{col 57}{space 3}0.164{col 65}{space 4}-.0050372{col 78}{space 3} .0008554
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0032463{col 37}{space 2}  .006215{col 48}{space 1}   -0.52{col 57}{space 3}0.602{col 65}{space 4}-.0154628{col 78}{space 3} .0089702
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .024311{col 37}{space 2} .0023999{col 48}{space 1}   10.13{col 57}{space 3}0.000{col 65}{space 4} .0195936{col 78}{space 3} .0290285
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} .7680459{col 37}{space 2} .0112225{col 48}{space 1}   68.44{col 57}{space 3}0.000{col 65}{space 4} .7459862{col 78}{space 3} .7901055
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text}   state_num{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     1892{col 27}{space 1}     1892{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table_IA1.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA1.txt""':seeout}

{com}. 
. 
. ***************
. *** TABLE 5 ***
. ***************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & survive`i'==1, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                         local KPFstat=e(widstat)
{txt}  6{com}.                         su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                         local mean=r(mean)
{txt}  8{com}.                         outreg2 using "Table5.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 503 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   416{txt}{col 55}Number of obs = {res}   13231
{txt}{col 55}F(  3,   415) = {res}   41.09
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2220.275825{txt}{col 55}Centered R2   = {res}  0.1700
{txt}Total (uncentered) SS   = {res} 2220.275825{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2199.772875{txt}{col 55}Root MSE      = {res}   .4409

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.000265{col 37}{space 2}  .018045{col 48}{space 1}   -0.01{col 57}{space 3}0.988{col 65}{space 4} -.035736{col 78}{space 3}  .035206
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0200189{col 37}{space 2} .0136352{col 48}{space 1}   -1.47{col 57}{space 3}0.143{col 65}{space 4}-.0468215{col 78}{space 3} .0067837
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0278151{col 37}{space 2} .0025226{col 48}{space 1}  -11.03{col 57}{space 3}0.000{col 65}{space 4}-.0327738{col 78}{space 3}-.0228564
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.300
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  61.368
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  36.947
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1860           1860 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,231    .0964861    .4475703  -.9928635          3
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 515 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   12742
{txt}{col 55}F(  3,   411) = {res}   61.24
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 8037.664831{txt}{col 55}Centered R2   = {res}  0.1842
{txt}Total (uncentered) SS   = {res} 8037.664831{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7902.607871{txt}{col 55}Root MSE      = {res}   .8531

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0247519{col 37}{space 2} .0317176{col 48}{space 1}    0.78{col 57}{space 3}0.436{col 65}{space 4}-.0375971{col 78}{space 3} .0871009
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0556208{col 37}{space 2} .0273834{col 48}{space 1}   -2.03{col 57}{space 3}0.043{col 65}{space 4}-.1094498{col 78}{space 3}-.0017918
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0716411{col 37}{space 2} .0053059{col 48}{space 1}  -13.50{col 57}{space 3}0.000{col 65}{space 4}-.0820713{col 78}{space 3}-.0612109
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.547
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  58.986
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.289
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1829           1829 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     12,742    .2220039    .8719509  -.9873673          6
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 526 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   408{txt}{col 55}Number of obs = {res}   12155
{txt}{col 55}F(  3,   407) = {res}   63.65
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 14439.99694{txt}{col 55}Centered R2   = {res}  0.1981
{txt}Total (uncentered) SS   = {res} 14439.99694{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 14106.43548{txt}{col 55}Root MSE      = {res}   1.169

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0195912{col 37}{space 2} .0438781{col 48}{space 1}    0.45{col 57}{space 3}0.655{col 65}{space 4}-.0666648{col 78}{space 3} .1058472
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0694718{col 37}{space 2} .0404744{col 48}{space 1}   -1.72{col 57}{space 3}0.087{col 65}{space 4}-.1490367{col 78}{space 3} .0100932
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1104397{col 37}{space 2} .0079953{col 48}{space 1}  -13.81{col 57}{space 3}0.000{col 65}{space 4} -.126157{col 78}{space 3}-.0947224
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  40.911
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  53.517
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  28.603
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1784           1784 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     12,155    .3325504    1.203048  -.9974425          8
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 543 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   404{txt}{col 55}Number of obs = {res}   11559
{txt}{col 55}F(  3,   403) = {res}   61.44
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  18938.9105{txt}{col 55}Centered R2   = {res}  0.1904
{txt}Total (uncentered) SS   = {res}  18938.9105{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18935.97908{txt}{col 55}Root MSE      = {res}   1.392

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1135546{col 37}{space 2} .0589528{col 48}{space 1}    1.93{col 57}{space 3}0.055{col 65}{space 4}-.0023388{col 78}{space 3} .2294481
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0909445{col 37}{space 2} .0485783{col 48}{space 1}   -1.87{col 57}{space 3}0.062{col 65}{space 4} -.186443{col 78}{space 3} .0045539
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1375293{col 37}{space 2} .0102808{col 48}{space 1}  -13.38{col 57}{space 3}0.000{col 65}{space 4}  -.15774{col 78}{space 3}-.1173187
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  38.000
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.387
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  26.727
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1737           1737 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     11,559    .4230736    1.422579  -.9974425          9
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 557 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   398{txt}{col 55}Number of obs = {res}   10874
{txt}{col 55}F(  3,   397) = {res}   64.77
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22221.10389{txt}{col 55}Centered R2   = {res}  0.1620
{txt}Total (uncentered) SS   = {res} 22221.10389{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 23099.97395{txt}{col 55}Root MSE      = {res}    1.59

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1944124{col 37}{space 2} .0713569{col 48}{space 1}    2.72{col 57}{space 3}0.007{col 65}{space 4} .0541278{col 78}{space 3} .3346971
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1113675{col 37}{space 2}  .056599{col 48}{space 1}   -1.97{col 57}{space 3}0.050{col 65}{space 4}-.2226388{col 78}{space 3}-.0000962
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1634034{col 37}{space 2}  .012123{col 48}{space 1}  -13.48{col 57}{space 3}0.000{col 65}{space 4}-.1872368{col 78}{space 3}  -.13957
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  32.961
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  43.743
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.055
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1678           1678 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     10,874    .4975263    1.592207  -.9974425        9.6
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 503 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   416{txt}{col 55}Number of obs = {res}   13231
{txt}{col 55}F(  3,   415) = {res}   27.40
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5262.73384{txt}{col 55}Centered R2   = {res}  0.1624
{txt}Total (uncentered) SS   = {res}  5262.73384{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5224.720191{txt}{col 55}Root MSE      = {res}   .6795

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0082655{col 37}{space 2} .0287214{col 48}{space 1}    0.29{col 57}{space 3}0.774{col 65}{space 4} -.048192{col 78}{space 3}  .064723
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0141105{col 37}{space 2} .0217796{col 48}{space 1}   -0.65{col 57}{space 3}0.517{col 65}{space 4}-.0569225{col 78}{space 3} .0287016
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.029535{col 37}{space 2} .0033026{col 48}{space 1}   -8.94{col 57}{space 3}0.000{col 65}{space 4}-.0360269{col 78}{space 3} -.023043
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.179
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  61.376
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  36.833
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1860           1860 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,231    .1436527    .6866609  -.9997643   4.761422
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 515 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   12742
{txt}{col 55}F(  3,   411) = {res}   37.08
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 18365.19792{txt}{col 55}Centered R2   = {res}  0.1769
{txt}Total (uncentered) SS   = {res} 18365.19792{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18284.03526{txt}{col 55}Root MSE      = {res}   1.298

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0614483{col 37}{space 2} .0505844{col 48}{space 1}    1.21{col 57}{space 3}0.225{col 65}{space 4}-.0379881{col 78}{space 3} .1608846
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0517609{col 37}{space 2} .0463094{col 48}{space 1}   -1.12{col 57}{space 3}0.264{col 65}{space 4}-.1427937{col 78}{space 3} .0392719
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0773935{col 37}{space 2} .0073777{col 48}{space 1}  -10.49{col 57}{space 3}0.000{col 65}{space 4}-.0918961{col 78}{space 3}-.0628908
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.445
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  59.018
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1829           1829 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     12,742    .3237165    1.320428  -.9997643          9
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 526 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   408{txt}{col 55}Number of obs = {res}   12155
{txt}{col 55}F(  3,   407) = {res}   40.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  32982.3686{txt}{col 55}Centered R2   = {res}  0.1960
{txt}Total (uncentered) SS   = {res}  32982.3686{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 32418.93951{txt}{col 55}Root MSE      = {res}   1.773

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0572203{col 37}{space 2} .0691408{col 48}{space 1}    0.83{col 57}{space 3}0.408{col 65}{space 4}-.0786973{col 78}{space 3} .1931379
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0723342{col 37}{space 2} .0663315{col 48}{space 1}   -1.09{col 57}{space 3}0.276{col 65}{space 4}-.2027294{col 78}{space 3}  .058061
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1304152{col 37}{space 2}  .011832{col 48}{space 1}  -11.02{col 57}{space 3}0.000{col 65}{space 4}-.1536747{col 78}{space 3}-.1071557
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  40.750
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  53.499
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  28.475
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1784           1784 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     12,155    .4953705    1.821449  -.9997643   12.06833
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 543 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   404{txt}{col 55}Number of obs = {res}   11559
{txt}{col 55}F(  3,   403) = {res}   53.72
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 46473.71398{txt}{col 55}Centered R2   = {res}  0.1847
{txt}Total (uncentered) SS   = {res} 46473.71398{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  46489.9496{txt}{col 55}Root MSE      = {res}   2.182

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1759241{col 37}{space 2} .0897809{col 48}{space 1}    1.96{col 57}{space 3}0.051{col 65}{space 4}-.0005732{col 78}{space 3} .3524215
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1234584{col 37}{space 2} .0811605{col 48}{space 1}   -1.52{col 57}{space 3}0.129{col 65}{space 4}-.2830093{col 78}{space 3} .0360924
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1878779{col 37}{space 2}  .015106{col 48}{space 1}  -12.44{col 57}{space 3}0.000{col 65}{space 4}-.2175743{col 78}{space 3}-.1581816
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  37.817
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.328
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  26.574
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1737           1737 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     11,559    .6481285    2.221187  -.9997643    14.1471
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 557 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   398{txt}{col 55}Number of obs = {res}   10874
{txt}{col 55}F(  3,   397) = {res}   58.35
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 58745.93965{txt}{col 55}Centered R2   = {res}  0.1759
{txt}Total (uncentered) SS   = {res} 58745.93965{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 59778.29369{txt}{col 55}Root MSE      = {res}   2.557

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .2670932{col 37}{space 2} .1114508{col 48}{space 1}    2.40{col 57}{space 3}0.017{col 65}{space 4} .0479857{col 78}{space 3} .4862006
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1993302{col 37}{space 2} .0946993{col 48}{space 1}   -2.10{col 57}{space 3}0.036{col 65}{space 4} -.385505{col 78}{space 3}-.0131555
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.2365775{col 37}{space 2} .0187305{col 48}{space 1}  -12.63{col 57}{space 3}0.000{col 65}{space 4}-.2734008{col 78}{space 3}-.1997543
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  32.769
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  43.657
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  22.890
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1678           1678 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     10,874    .7825393    2.582829  -.9997643   16.14464
{txt}{browse `"Table5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table5.txt""':seeout}

{com}. 
. 
. ***************
. *** TABLE 6 ***
. ***************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. 
. * Cols. 1-5: VC funding
. forvalues i=1/5 {c -(}
{txt}  2{com}.         global controls="ln_rounds_before_patent_FA"
{txt}  3{com}.         global filtersVC="!(made_it_to_next_round_`i'y==0 & first_pat_act_date+365.25*`i'>= Exit_Date)"
{txt}  4{com}.         xi: reghdfe made_it_to_next_round_`i'y $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & $filtersVC, absorb(ind_year_fe state_fe) vce(cluster gau) old
{txt}  5{com}.                         local KPFstat=e(widstat)
{txt}  6{com}.                         su made_it_to_next_round_`i'y if e(sample)==1
{txt}  7{com}.                         local mean=r(mean)
{txt}  8{com}.                         outreg2 using "Table6.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) append noparen nor2
{txt}  9{com}.                         g sample=e(sample)
{txt} 10{com}.                 quietly reghdfe made_it_to_next_round_`i'y pat_clm_ct lag_app_to_first_action $controls if sample==1 & $filters & $filtersVC, absorb(ind_year_fe state_fe) vce(cluster gau)
{txt} 11{com}.                         su made_it_to_next_round_`i'y if e(sample)==1
{txt} 12{com}.                         local mean=r(mean)
{txt} 13{com}.                         if `i'==1 outreg2 using "Table_IA16.xls", addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) dec(3) replace noparen nocons
{txt} 14{com}.                         else outreg2 using "Table_IA16.xls", addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) dec(3) append noparen nocons
{txt} 15{com}.         drop sample
{txt} 16{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 416 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   21030
{txt}{col 55}F(  3,   441) = {res}  244.68
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 639.7595189{txt}{col 55}Centered R2   = {res}  0.3911
{txt}Total (uncentered) SS   = {res} 639.7595189{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}   493.81003{txt}{col 55}Root MSE      = {res}   .1619

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_1y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2}  .005655{col 40}{space 2} .0057568{col 51}{space 1}    0.98{col 60}{space 3}0.326{col 68}{space 4}-.0056592{col 81}{space 3} .0169692
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0041311{col 40}{space 2} .0044848{col 51}{space 1}   -0.92{col 60}{space 3}0.357{col 68}{space 4}-.0129454{col 81}{space 3} .0046833
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .3246395{col 40}{space 2}  .012353{col 51}{space 1}   26.28{col 60}{space 3}0.000{col 68}{space 4} .3003614{col 81}{space 3} .3489176
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.049
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  84.706
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.863
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            2143           2143 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~1y {c |}{res}     21,030    .0401807    .1963875          0          1
{txt}{browse `"Table6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table6.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~1y {c |}{res}     21,030    .0401807    .1963875          0          1
{txt}{browse `"Table_IA16.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA16.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 420 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   20993
{txt}{col 55}F(  3,   441) = {res}  522.45
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 908.5026057{txt}{col 55}Centered R2   = {res}  0.4896
{txt}Total (uncentered) SS   = {res} 908.5026057{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 605.8926484{txt}{col 55}Root MSE      = {res}   .1795

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_2y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2} .0046765{col 40}{space 2}  .006346{col 51}{space 1}    0.74{col 60}{space 3}0.462{col 68}{space 4}-.0077956{col 81}{space 3} .0171485
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}   -.0087{col 40}{space 2} .0049709{col 51}{space 1}   -1.75{col 60}{space 3}0.081{col 68}{space 4}-.0184695{col 81}{space 3} .0010695
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .4653152{col 40}{space 2}  .011914{col 51}{space 1}   39.06{col 60}{space 3}0.000{col 68}{space 4} .4418999{col 81}{space 3} .4887305
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.388
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  85.051
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.095
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            2139           2139 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~2y {c |}{res}     20,993    .0601629    .2377941          0          1
{txt}{browse `"Table6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table6.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~2y {c |}{res}     20,993    .0601629    .2377941          0          1
{txt}{browse `"Table_IA16.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA16.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 421 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   20956
{txt}{col 55}F(  3,   441) = {res}  655.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1004.194999{txt}{col 55}Centered R2   = {res}  0.5073
{txt}Total (uncentered) SS   = {res} 1004.194999{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 655.6650182{txt}{col 55}Root MSE      = {res}   .1869

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_3y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2} .0068551{col 40}{space 2} .0066042{col 51}{space 1}    1.04{col 60}{space 3}0.300{col 68}{space 4}-.0061246{col 81}{space 3} .0198348
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0094227{col 40}{space 2} .0051275{col 51}{space 1}   -1.84{col 60}{space 3}0.067{col 68}{space 4}-.0195001{col 81}{space 3} .0006547
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .5024578{col 40}{space 2} .0114933{col 51}{space 1}   43.72{col 60}{space 3}0.000{col 68}{space 4} .4798693{col 81}{space 3} .5250464
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.193
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  84.835
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.851
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            2137           2137 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~3y {c |}{res}     20,956    .0681428    .2519968          0          1
{txt}{browse `"Table6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table6.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~3y {c |}{res}     20,956    .0681428    .2519968          0          1
{txt}{browse `"Table_IA16.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA16.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 422 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   20931
{txt}{col 55}F(  3,   441) = {res}  665.62
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1072.333362{txt}{col 55}Centered R2   = {res}  0.5045
{txt}Total (uncentered) SS   = {res} 1072.333362{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 708.1378144{txt}{col 55}Root MSE      = {res}   .1944

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_4y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2}  .008426{col 40}{space 2} .0069639{col 51}{space 1}    1.21{col 60}{space 3}0.227{col 68}{space 4}-.0052607{col 81}{space 3} .0221126
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0082304{col 40}{space 2} .0055134{col 51}{space 1}   -1.49{col 60}{space 3}0.136{col 68}{space 4}-.0190662{col 81}{space 3} .0026055
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .5157863{col 40}{space 2} .0117689{col 51}{space 1}   43.83{col 60}{space 3}0.000{col 68}{space 4} .4926562{col 81}{space 3} .5389164
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.231
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  83.774
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.744
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            2135           2135 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~4y {c |}{res}     20,931    .0737184    .2613183          0          1
{txt}{browse `"Table6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table6.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~4y {c |}{res}     20,931    .0737184    .2613183          0          1
{txt}{browse `"Table_IA16.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA16.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 423 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   20913
{txt}{col 55}F(  3,   441) = {res}  699.29
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1110.237833{txt}{col 55}Centered R2   = {res}  0.5018
{txt}Total (uncentered) SS   = {res} 1110.237833{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 739.1152237{txt}{col 55}Root MSE      = {res}   .1987

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_5y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2} .0090981{col 40}{space 2} .0071815{col 51}{space 1}    1.27{col 60}{space 3}0.206{col 68}{space 4}-.0050162{col 81}{space 3} .0232124
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0063369{col 40}{space 2} .0058221{col 51}{space 1}   -1.09{col 60}{space 3}0.277{col 68}{space 4}-.0177795{col 81}{space 3} .0051056
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .5221766{col 40}{space 2} .0116463{col 51}{space 1}   44.84{col 60}{space 3}0.000{col 68}{space 4} .4992875{col 81}{space 3} .5450656
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.020
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  83.674
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.862
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            2133           2133 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~5y {c |}{res}     20,913    .0768422    .2663472          0          1
{txt}{browse `"Table6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table6.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~5y {c |}{res}     20,913    .0768422    .2663472          0          1
{txt}{browse `"Table_IA16.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA16.txt""':seeout}

{com}. * Col. 6: IPOs
. global controls="ln_rounds_before_patent_FA"
{txt}
{com}. xi: reghdfe IPO $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(ind_year_fe state_fe) vce(cluster gau) old
{err}(running historical version of reghdfe)
{res}{txt}(dropped 414 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   21061
{txt}{col 55}F(  3,   441) = {res}   19.01
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  115.562219{txt}{col 55}Centered R2   = {res}  0.1501
{txt}Total (uncentered) SS   = {res}  115.562219{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 118.1948445{txt}{col 55}Root MSE      = {res}  .07916

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}                       IPO{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2} .0070032{col 40}{space 2} .0031072{col 51}{space 1}    2.25{col 60}{space 3}0.025{col 68}{space 4} .0008964{col 81}{space 3}   .01311
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0022525{col 40}{space 2}  .001905{col 51}{space 1}   -1.18{col 60}{space 3}0.238{col 68}{space 4}-.0059964{col 81}{space 3} .0014915
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2}  .044585{col 40}{space 2} .0063481{col 51}{space 1}    7.02{col 60}{space 3}0.000{col 68}{space 4} .0321087{col 81}{space 3} .0570613
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.093
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  84.742
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  42.902
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            2145           2145 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.                 local KPFstat=e(widstat)
{txt}
{com}.                 su IPO if e(sample)==1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 9}IPO {c |}{res}     21,061    .0066474    .0812618          0          1
{txt}
{com}.                 local mean=r(mean)
{txt}
{com}.                 outreg2 using "Table6.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) sortvar(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) append noparen nor2
{txt}{browse `"Table6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table6.txt""':seeout}

{com}.                 g sample=e(sample)
{txt}
{com}. xi: reghdfe IPO pat_clm_ct lag_app_to_first_action $controls if sample==1 & $filters, absorb(ind_year_fe state_fe) vce(cluster gau)
{res}{txt}({browse "http://scorreia.com/research/hdfe.pdf":MWFE estimator} converged in 7 iterations)
{res}
{txt}HDFE Linear regression{col 51}Number of obs{col 67}= {res}    21,061
{txt}Absorbing 2 HDFE groups{col 51}F({res}   3{txt},{res}    441{txt}){col 67}= {res}     19.33
{txt}Statistics robust to heteroskedasticity{col 51}Prob > F{col 67}= {res}    0.0000
{txt}{col 51}R-squared{col 67}= {res}    0.1915
{txt}{col 51}Adj R-squared{col 67}= {res}    0.0973
{txt}{col 51}Within R-sq.{col 67}= {res}    0.0270
{txt}{col 1}Number of clusters ({res}gau{txt}) {col 30}= {res}       442{txt}{col 51}Root MSE{col 67}= {res}    0.0772

{txt}{ralign 92:(Std. Err. adjusted for {res:442} clusters in gau)}
{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}                       IPO{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}pat_clm_ct {c |}{col 28}{res}{space 2} .0001122{col 40}{space 2}  .000181{col 51}{space 1}    0.62{col 60}{space 3}0.536{col 68}{space 4}-.0002436{col 81}{space 3}  .000468
{txt}{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0017411{col 40}{space 2} .0007916{col 51}{space 1}   -2.20{col 60}{space 3}0.028{col 68}{space 4}-.0032969{col 81}{space 3}-.0001854
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .0465157{col 40}{space 2} .0064234{col 51}{space 1}    7.24{col 60}{space 3}0.000{col 68}{space 4} .0338913{col 81}{space 3}   .05914
{txt}{space 21}_cons {c |}{col 28}{res}{space 2} .0051098{col 40}{space 2} .0014923{col 51}{space 1}    3.42{col 60}{space 3}0.001{col 68}{space 4}  .002177{col 81}{space 3} .0080427
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Absorbed degrees of freedom:
{res}{col 1}{text}{hline 13}{c TT}{hline 12}{hline 12}{hline 14}{hline 1}{c TRC}
{col 1}{text} Absorbed FE{col 14}{c |} Categories{col 27} - Redundant{col 39}  = Num. Coefs{col 54}{c |}
{res}{col 1}{text}{hline 13}{c +}{hline 12}{hline 12}{hline 14}{hline 1}{c RT}
{col 1}{text} ind_year_fe{col 14}{c |}{space 1}     2145{col 27}{space 1}     2145{col 39}{result}{space 1}        0{col 53}{text}*{col 54}{c |}
{res}{col 1}{text}    state_fe{col 14}{c |}{space 1}       51{col 27}{space 1}        0{col 39}{result}{space 1}       51{col 53}{text} {col 54}{c |}
{res}{col 1}{text}{hline 13}{c BT}{hline 12}{hline 12}{hline 14}{hline 1}{c BRC}
* = FE nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         su IPO if e(sample)==1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 9}IPO {c |}{res}     21,061    .0066474    .0812618          0          1
{txt}
{com}.         local mean=r(mean)
{txt}
{com}.         outreg2 using "Table_IA16.xls", addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) sortvar(pat_clm_ct lag_app_to_first_action ln_rounds_before_patent_FA) dec(3) append noparen nocons
{txt}{browse `"Table_IA16.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA16.txt""':seeout}

{com}. drop sample
{txt}
{com}. 
. 
. 
. ***************
. *** TABLE 7 ***
. ***************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var of varlist ln_total_patents_appl ln_total_patents_approved approval_rate ln_all_cites5 ln_mean_cites5 {c -(} 
{txt}  2{com}.         xi: reghdfe `var' (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(ind_year_fe state_fe) vce(cluster gau) old
{txt}  3{com}.                 local KPFstat=e(widstat)
{txt}  4{com}.                 if "`var'"=="ln_total_patents_appl" su total_patents_appl if e(sample)==1
{txt}  5{com}.                 if "`var'"=="ln_total_patents_approved" su total_patents_approved if e(sample)==1
{txt}  6{com}.                 if "`var'"=="approval_rate" su approval_rate if e(sample)==1
{txt}  7{com}.                 if "`var'"=="ln_all_cites5" su all_cites5 if e(sample)==1
{txt}  8{com}.                 if "`var'"=="ln_mean_cites5" su mean_cites5 if e(sample)==1
{txt}  9{com}.                 local mean=r(mean)
{txt} 10{com}.                 outreg2 using "Table7.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt} 11{com}.                 g SAMPLE=e(sample)
{txt} 12{com}.         quietly reghdfe `var' pat_clm_ct lag_app_to_first_action if $filters & SAMPLE==1, absorb(ind_year_fe state_fe) vce(cluster gau)
{txt} 13{com}.                 local KPFstat=e(widstat)
{txt} 14{com}.                 if "`var'"=="ln_total_patents_appl" su total_patents_appl if e(sample)==1
{txt} 15{com}.                 if "`var'"=="ln_total_patents_approved" su total_patents_approved if e(sample)==1
{txt} 16{com}.                 if "`var'"=="approval_rate" su approval_rate if e(sample)==1
{txt} 17{com}.                 if "`var'"=="ln_all_cites5" su all_cites5 if e(sample)==1
{txt} 18{com}.                 if "`var'"=="ln_mean_cites5" su mean_cites5 if e(sample)==1
{txt} 19{com}.                 local mean=r(mean)
{txt} 20{com}.                 outreg2 using "Table_IA17.xls", dec(3) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nocons
{txt} 21{com}.         drop SAMPLE
{txt} 22{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 414 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   21061
{txt}{col 55}F(  2,   441) = {res}    9.68
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 16179.95397{txt}{col 55}Centered R2   = {res}  0.2029
{txt}Total (uncentered) SS   = {res} 16179.95397{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16183.49546{txt}{col 55}Root MSE      = {res}   .9262

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  ln_total_patents_appl{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0568236{col 37}{space 2}  .029617{col 48}{space 1}    1.92{col 57}{space 3}0.056{col 65}{space 4}-.0013844{col 78}{space 3} .1150316
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0882309{col 37}{space 2} .0223871{col 48}{space 1}   -3.94{col 57}{space 3}0.000{col 65}{space 4}-.1322296{col 78}{space 3}-.0442323
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.520
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  85.286
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.600
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            2145           2145 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
total_pate~l {c |}{res}     21,061     3.65937    15.48084          0        667
{txt}{browse `"Table7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table7.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
total_pate~l {c |}{res}     21,061     3.65937    15.48084          0        667
{txt}{browse `"Table_IA17.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA17.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 414 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   21061
{txt}{col 55}F(  2,   441) = {res}   12.50
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 12979.90128{txt}{col 55}Centered R2   = {res}  0.1922
{txt}Total (uncentered) SS   = {res} 12979.90128{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 13038.44459{txt}{col 55}Root MSE      = {res}   .8314

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}ln_total_patents_appr~d{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0568595{col 37}{space 2} .0275696{col 48}{space 1}    2.06{col 57}{space 3}0.040{col 65}{space 4} .0026754{col 78}{space 3} .1110435
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.087904{col 37}{space 2} .0200741{col 48}{space 1}   -4.38{col 57}{space 3}0.000{col 65}{space 4}-.1273568{col 78}{space 3}-.0484513
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.520
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  85.286
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.600
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            2145           2145 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
total_pate~d {c |}{res}     21,061    2.504345    11.49045          0        497
{txt}{browse `"Table7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table7.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
total_pate~d {c |}{res}     21,061    2.504345    11.49045          0        497
{txt}{browse `"Table_IA17.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA17.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 414 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   21061
{txt}{col 55}F(  2,   441) = {res}    4.14
{txt}{col 55}Prob > F      = {res}  0.0165
{txt}Total (centered) SS     = {res} 3424.047819{txt}{col 55}Centered R2   = {res}  0.1328
{txt}Total (uncentered) SS   = {res} 3424.047819{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 3409.449945{txt}{col 55}Root MSE      = {res}   .4251

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          approval_rate{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0100682{col 37}{space 2} .0139667{col 48}{space 1}    0.72{col 57}{space 3}0.471{col 65}{space 4}-.0173813{col 78}{space 3} .0375177
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0295667{col 37}{space 2} .0109178{col 48}{space 1}   -2.71{col 57}{space 3}0.007{col 65}{space 4} -.051024{col 78}{space 3}-.0081093
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  55.520
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  85.286
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.600
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            2145           2145 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
approval_r~e {c |}{res}     21,061    .3441338    .4320644          0          1
{txt}{browse `"Table7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table7.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
approval_r~e {c |}{res}     21,061    .3441338    .4320644          0          1
{txt}{browse `"Table_IA17.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA17.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 419 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   20545
{txt}{col 55}F(  2,   441) = {res}    9.84
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 34037.34417{txt}{col 55}Centered R2   = {res}  0.1970
{txt}Total (uncentered) SS   = {res} 34037.34417{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 34633.63124{txt}{col 55}Root MSE      = {res}   1.373

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          ln_all_cites5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1203041{col 37}{space 2} .0468565{col 48}{space 1}    2.57{col 57}{space 3}0.011{col 65}{space 4} .0282143{col 78}{space 3} .2123938
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1287417{col 37}{space 2}  .038005{col 48}{space 1}   -3.39{col 57}{space 3}0.001{col 65}{space 4}-.2034352{col 78}{space 3}-.0540481
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  57.091
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  86.958
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  45.108
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            2133           2133 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}all_cites5 {c |}{res}     20,545     19.2166    170.3438          0      11704
{txt}{browse `"Table7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table7.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}all_cites5 {c |}{res}     20,545     19.2166    170.3438          0      11704
{txt}{browse `"Table_IA17.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA17.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 419 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   442{txt}{col 55}Number of obs = {res}   20545
{txt}{col 55}F(  2,   441) = {res}    6.30
{txt}{col 55}Prob > F      = {res}  0.0020
{txt}Total (centered) SS     = {res} 9395.648978{txt}{col 55}Centered R2   = {res}  0.1808
{txt}Total (uncentered) SS   = {res} 9395.648978{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9541.692335{txt}{col 55}Root MSE      = {res}   .7209

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}         ln_mean_cites5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0582053{col 37}{space 2} .0256624{col 48}{space 1}    2.27{col 57}{space 3}0.024{col 65}{space 4} .0077696{col 78}{space 3}  .108641
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0536301{col 37}{space 2} .0216756{col 48}{space 1}   -2.47{col 57}{space 3}0.014{col 65}{space 4}-.0962303{col 78}{space 3}-.0110298
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  57.091
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  86.958
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  45.108
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            2133           2133 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}mean_cites5 {c |}{res}     20,545    1.465496    3.887098          0   88.66666
{txt}{browse `"Table7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table7.txt""':seeout}

    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}mean_cites5 {c |}{res}     20,545    1.465496    3.887098          0   88.66666
{txt}{browse `"Table_IA17.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA17.txt""':seeout}

{com}. 
. 
. 
. 
. ***************
. *** TABLE 8 ***
. ***************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach j in SC {c -(}
{txt}  2{com}.         foreach var in emp sales {c -(}
{txt}  3{com}.                 forvalues i= 1(1)5 {c -(}
{txt}  4{com}.                         reghdfe `j'_ind_GROWTH`i'_`var' (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su `j'_ind_GROWTH`i'_`var' if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 g SAMPLE=e(sample)
{txt}  9{com}.                                 outreg2 using "Table8.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt} 10{com}.                         quietly reghdfe `j'_ind_GROWTH`i'_`var' pat_clm_ct lag_app_to_first_action if SAMPLE==1 & $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt} 11{com}.                                 su `j'_ind_GROWTH`i'_`var' if e(sample)==1
{txt} 12{com}.                                 local mean=r(mean)
{txt} 13{com}.                                 outreg2 using "Table_IA22.xls", dec(3) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen
{txt} 14{com}.                         drop SAMPLE
{txt} 15{com}.                 {c )-}
{txt} 16{com}.         {c )-}
{txt} 17{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    0.46
{txt}{col 55}Prob > F      = {res}  0.6322
{txt}Total (centered) SS     = {res} 620.3817717{txt}{col 55}Centered R2   = {res}  0.3694
{txt}Total (uncentered) SS   = {res} 620.3817717{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 619.6517419{txt}{col 55}Root MSE      = {res}   .2275

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ind_GROWTH1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0012161{col 37}{space 2} .0080767{col 48}{space 1}   -0.15{col 57}{space 3}0.880{col 65}{space 4}-.0170594{col 78}{space 3} .0146271
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0069038{col 37}{space 2}  .007307{col 48}{space 1}   -0.94{col 57}{space 3}0.345{col 65}{space 4}-.0212372{col 78}{space 3} .0074295
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~1_emp_w {c |}{res}     15,409    .0464411    .2525449         -1   2.337838
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~1_emp_w {c |}{res}     15,409    .0464411    .2525449         -1   2.337838
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    2.97
{txt}{col 55}Prob > F      = {res}  0.0518
{txt}Total (centered) SS     = {res} 1512.792487{txt}{col 55}Centered R2   = {res}  0.4578
{txt}Total (uncentered) SS   = {res} 1512.792487{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1508.569995{txt}{col 55}Root MSE      = {res}    .355

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ind_GROWTH2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .006163{col 37}{space 2} .0117157{col 48}{space 1}    0.53{col 57}{space 3}0.599{col 65}{space 4}-.0168184{col 78}{space 3} .0291444
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0279195{col 37}{space 2}  .011626{col 48}{space 1}   -2.40{col 57}{space 3}0.016{col 65}{space 4}-.0507249{col 78}{space 3} -.005114
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~2_emp_w {c |}{res}     15,409    .0892866    .4249338         -1   4.322581
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~2_emp_w {c |}{res}     15,409    .0892866    .4249338         -1   4.322581
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    2.84
{txt}{col 55}Prob > F      = {res}  0.0586
{txt}Total (centered) SS     = {res} 2630.116745{txt}{col 55}Centered R2   = {res}  0.5105
{txt}Total (uncentered) SS   = {res} 2630.116745{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2672.296322{txt}{col 55}Root MSE      = {res}   .4725

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ind_GROWTH3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0246561{col 37}{space 2}  .015285{col 48}{space 1}   -1.61{col 57}{space 3}0.107{col 65}{space 4}-.0546389{col 78}{space 3} .0053267
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0287712{col 37}{space 2}  .015943{col 48}{space 1}   -1.80{col 57}{space 3}0.071{col 65}{space 4}-.0600448{col 78}{space 3} .0025024
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~3_emp_w {c |}{res}     15,409    .1204477    .5952464         -1        6.5
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~3_emp_w {c |}{res}     15,409    .1204477    .5952464         -1        6.5
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    4.25
{txt}{col 55}Prob > F      = {res}  0.0144
{txt}Total (centered) SS     = {res} 4353.215605{txt}{col 55}Centered R2   = {res}  0.5284
{txt}Total (uncentered) SS   = {res} 4353.215605{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 4469.691246{txt}{col 55}Root MSE      = {res}   .6111

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ind_GROWTH4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0388446{col 37}{space 2} .0194645{col 48}{space 1}   -2.00{col 57}{space 3}0.046{col 65}{space 4}-.0770258{col 78}{space 3}-.0006634
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.040236{col 37}{space 2} .0194498{col 48}{space 1}   -2.07{col 57}{space 3}0.039{col 65}{space 4}-.0783884{col 78}{space 3}-.0020836
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~4_emp_w {c |}{res}     15,409    .1492176    .7843087         -1   8.412938
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~4_emp_w {c |}{res}     15,409    .1492176    .7843087         -1   8.412938
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    4.05
{txt}{col 55}Prob > F      = {res}  0.0176
{txt}Total (centered) SS     = {res} 6120.585905{txt}{col 55}Centered R2   = {res}  0.5467
{txt}Total (uncentered) SS   = {res} 6120.585905{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 6306.414257{txt}{col 55}Root MSE      = {res}   .7259

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ind_GROWTH5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0495866{col 37}{space 2} .0228506{col 48}{space 1}   -2.17{col 57}{space 3}0.030{col 65}{space 4}  -.09441{col 78}{space 3}-.0047631
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0421232{col 37}{space 2} .0224782{col 48}{space 1}   -1.87{col 57}{space 3}0.061{col 65}{space 4} -.086216{col 78}{space 3} .0019697
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~5_emp_w {c |}{res}     15,409    .1634724    .9502342         -1         10
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_i~5_emp_w {c |}{res}     15,409    .1634724    .9502342         -1         10
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    1.53
{txt}{col 55}Prob > F      = {res}  0.2164
{txt}Total (centered) SS     = {res} 1099.477925{txt}{col 55}Centered R2   = {res}  0.3708
{txt}Total (uncentered) SS   = {res} 1099.477925{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1097.971253{txt}{col 55}Root MSE      = {res}   .3029

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1} SC_ind_GROWTH1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0052913{col 37}{space 2} .0101507{col 48}{space 1}   -0.52{col 57}{space 3}0.602{col 65}{space 4}-.0252028{col 78}{space 3} .0146202
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.016597{col 37}{space 2} .0098669{col 48}{space 1}   -1.68{col 57}{space 3}0.093{col 65}{space 4}-.0359517{col 78}{space 3} .0027577
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~1_sales_w {c |}{res}     15,409    .0626803      .33652         -1   3.555556
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~1_sales_w {c |}{res}     15,409    .0626803      .33652         -1   3.555556
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    5.06
{txt}{col 55}Prob > F      = {res}  0.0065
{txt}Total (centered) SS     = {res} 2610.041781{txt}{col 55}Centered R2   = {res}  0.4698
{txt}Total (uncentered) SS   = {res} 2610.041781{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2593.774333{txt}{col 55}Root MSE      = {res}   .4655

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1} SC_ind_GROWTH2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0046211{col 37}{space 2} .0163646{col 48}{space 1}    0.28{col 57}{space 3}0.778{col 65}{space 4}-.0274795{col 78}{space 3} .0367216
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0493712{col 37}{space 2} .0155241{col 48}{space 1}   -3.18{col 57}{space 3}0.002{col 65}{space 4} -.079823{col 78}{space 3}-.0189193
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~2_sales_w {c |}{res}     15,409     .120368      .56349         -1   6.898423
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~2_sales_w {c |}{res}     15,409     .120368      .56349         -1   6.898423
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    6.20
{txt}{col 55}Prob > F      = {res}  0.0021
{txt}Total (centered) SS     = {res} 4526.957338{txt}{col 55}Centered R2   = {res}  0.5227
{txt}Total (uncentered) SS   = {res} 4526.957338{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 4540.114219{txt}{col 55}Root MSE      = {res}   .6159

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1} SC_ind_GROWTH3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0217989{col 37}{space 2} .0205131{col 48}{space 1}   -1.06{col 57}{space 3}0.288{col 65}{space 4} -.062037{col 78}{space 3} .0184393
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0712795{col 37}{space 2} .0213591{col 48}{space 1}   -3.34{col 57}{space 3}0.001{col 65}{space 4}-.1131771{col 78}{space 3}-.0293819
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~3_sales_w {c |}{res}     15,409     .166731    .7857242         -1   10.37656
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~3_sales_w {c |}{res}     15,409     .166731    .7857242         -1   10.37656
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    3.55
{txt}{col 55}Prob > F      = {res}  0.0290
{txt}Total (centered) SS     = {res} 7689.269907{txt}{col 55}Centered R2   = {res}  0.5261
{txt}Total (uncentered) SS   = {res} 7689.269907{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7720.525018{txt}{col 55}Root MSE      = {res}   .8031

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1} SC_ind_GROWTH4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0266663{col 37}{space 2} .0273801{col 48}{space 1}   -0.97{col 57}{space 3}0.330{col 65}{space 4}-.0803747{col 78}{space 3} .0270421
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0672359{col 37}{space 2} .0262502{col 48}{space 1}   -2.56{col 57}{space 3}0.011{col 65}{space 4}-.1187279{col 78}{space 3}-.0157439
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~4_sales_w {c |}{res}     15,409    .2095088    1.028263         -1   13.24658
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~4_sales_w {c |}{res}     15,409    .2095088    1.028263         -1   13.24658
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}    5.87
{txt}{col 55}Prob > F      = {res}  0.0029
{txt}Total (centered) SS     = {res} 11128.96745{txt}{col 55}Centered R2   = {res}  0.5402
{txt}Total (uncentered) SS   = {res} 11128.96745{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 11522.77773{txt}{col 55}Root MSE      = {res}   .9812

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1} SC_ind_GROWTH5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0755912{col 37}{space 2} .0295197{col 48}{space 1}   -2.56{col 57}{space 3}0.011{col 65}{space 4}-.1334965{col 78}{space 3}-.0176859
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0634424{col 37}{space 2} .0291431{col 48}{space 1}   -2.18{col 57}{space 3}0.030{col 65}{space 4} -.120609{col 78}{space 3}-.0062757
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~5_sales_w {c |}{res}     15,409    .2354353    1.275322         -1   16.24924
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC~5_sales_w {c |}{res}     15,409    .2354353    1.275322         -1   16.24924
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}

{com}. 
. foreach j in SC {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 reghdfe `j'_ind_survival_frac`i' (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su `j'_ind_survival_frac`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 g SAMPLE=e(sample)
{txt}  8{com}.                                 outreg2 using "Table8.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.                 quietly reghdfe `j'_ind_survival_frac`i' pat_clm_ct lag_app_to_first_action if SAMPLE==1 & $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt} 10{com}.                                 su `j'_ind_survival_frac`i' if e(sample)==1
{txt} 11{com}.                                 local mean=r(mean)
{txt} 12{com}.                                 outreg2 using "Table_IA22.xls", dec(3) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen
{txt} 13{com}.                 drop SAMPLE
{txt} 14{com}.         {c )-}
{txt} 15{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}   15.54
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 34.87652873{txt}{col 55}Centered R2   = {res}  0.4805
{txt}Total (uncentered) SS   = {res} 34.87652873{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 34.71304439{txt}{col 55}Root MSE      = {res}  .05385

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  SC_ind_survival_frac1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0017225{col 37}{space 2} .0019193{col 48}{space 1}    0.90{col 57}{space 3}0.370{col 65}{space 4}-.0020424{col 78}{space 3} .0054874
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0110999{col 37}{space 2} .0019963{col 48}{space 1}   -5.56{col 57}{space 3}0.000{col 65}{space 4}-.0150158{col 78}{space 3} -.007184
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~1 {c |}{res}     15,409    .9656507    .0658524          0          1
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~1 {c |}{res}     15,409    .9656507    .0658524          0          1
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}   30.56
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 64.08828761{txt}{col 55}Centered R2   = {res}  0.5566
{txt}Total (uncentered) SS   = {res} 64.08828761{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 62.87022924{txt}{col 55}Root MSE      = {res}  .07248

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  SC_ind_survival_frac2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0020023{col 37}{space 2} .0024086{col 48}{space 1}    0.83{col 57}{space 3}0.406{col 65}{space 4}-.0027225{col 78}{space 3}  .006727
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0195484{col 37}{space 2} .0025016{col 48}{space 1}   -7.81{col 57}{space 3}0.000{col 65}{space 4}-.0244556{col 78}{space 3}-.0146413
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~2 {c |}{res}     15,409    .9276232    .0959274          0          1
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~2 {c |}{res}     15,409    .9276232    .0959274          0          1
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}   41.15
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 83.22662978{txt}{col 55}Centered R2   = {res}  0.6177
{txt}Total (uncentered) SS   = {res} 83.22662978{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 80.69977193{txt}{col 55}Root MSE      = {res}  .08211

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  SC_ind_survival_frac3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0004939{col 37}{space 2} .0029637{col 48}{space 1}   -0.17{col 57}{space 3}0.868{col 65}{space 4}-.0063075{col 78}{space 3} .0053197
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0259629{col 37}{space 2} .0028718{col 48}{space 1}   -9.04{col 57}{space 3}0.000{col 65}{space 4}-.0315962{col 78}{space 3}-.0203296
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~3 {c |}{res}     15,409    .8883275    .1170496          0          1
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~3 {c |}{res}     15,409    .8883275    .1170496          0          1
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}   68.76
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 103.2813602{txt}{col 55}Centered R2   = {res}  0.6537
{txt}Total (uncentered) SS   = {res} 103.2813602{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 100.1908709{txt}{col 55}Root MSE      = {res}  .09149

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  SC_ind_survival_frac4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0037359{col 37}{space 2} .0032076{col 48}{space 1}   -1.16{col 57}{space 3}0.244{col 65}{space 4}-.0100279{col 78}{space 3} .0025561
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0347893{col 37}{space 2} .0029941{col 48}{space 1}  -11.62{col 57}{space 3}0.000{col 65}{space 4}-.0406625{col 78}{space 3}-.0289161
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~4 {c |}{res}     15,409    .8458365     .137036          0          1
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~4 {c |}{res}     15,409    .8458365     .137036          0          1
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1771 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1467{txt}{col 55}Number of obs = {res}   15409
{txt}{col 55}F(  2,  1466) = {res}   75.20
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 116.8512311{txt}{col 55}Centered R2   = {res}  0.6886
{txt}Total (uncentered) SS   = {res} 116.8512311{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}   111.85178{txt}{col 55}Root MSE      = {res}  .09667

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  SC_ind_survival_frac5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0016584{col 37}{space 2} .0033398{col 48}{space 1}   -0.50{col 57}{space 3}0.620{col 65}{space 4}-.0082097{col 78}{space 3}  .004893
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0377253{col 37}{space 2} .0030821{col 48}{space 1}  -12.24{col 57}{space 3}0.000{col 65}{space 4}-.0437711{col 78}{space 3}-.0316795
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.199
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.195
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1467           1467 *   {c |} 
            ind_year_fe {c |}         1971            1972              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~5 {c |}{res}     15,409    .8011497    .1526705          0          1
{txt}{browse `"Table8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table8.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_sur~5 {c |}{res}     15,409    .8011497    .1526705          0          1
{txt}{browse `"Table_IA22.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA22.txt""':seeout}

{com}. 
. 
. ***************
. *** TABLE 9 ***
. ***************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach j in SC {c -(}
{txt}  2{com}. forvalues i=1/5 {c -(}
{txt}  3{com}.                 reghdfe `j'_ind_made_it_to_next_round_`i'y (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & $filtersVC, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su `j'_ind_made_it_to_next_round_`i'y if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 g SAMPLE=e(sample)
{txt}  8{com}.                                 outreg2 using "Table9.xls", dec(4) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.                 quietly reghdfe `j'_ind_made_it_to_next_round_`i'y pat_clm_ct lag_app_to_first_action if SAMPLE==1, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt} 10{com}.                                 su `j'_ind_made_it_to_next_round_`i'y if e(sample)==1
{txt} 11{com}.                                 local mean=r(mean)
{txt} 12{com}.                                 outreg2 using "Table_IA23.xls", dec(4) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen
{txt} 13{com}.                 drop SAMPLE
{txt} 14{com}.         {c )-}
{txt} 15{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 762 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1486{txt}{col 55}Number of obs = {res}   15331
{txt}{col 55}F(  2,  1485) = {res}    0.02
{txt}{col 55}Prob > F      = {res}  0.9825
{txt}Total (centered) SS     = {res}  12.7586151{txt}{col 55}Centered R2   = {res}  0.6299
{txt}Total (uncentered) SS   = {res}  12.7586151{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 12.75945181{txt}{col 55}Root MSE      = {res}  .03277

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ind_made_it_to_ne~1y{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} 8.84e-06{col 37}{space 2} .0011409{col 48}{space 1}    0.01{col 57}{space 3}0.994{col 65}{space 4}-.0022291{col 78}{space 3} .0022468
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0002007{col 37}{space 2} .0010732{col 48}{space 1}   -0.19{col 57}{space 3}0.852{col 65}{space 4}-.0023059{col 78}{space 3} .0019044
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.274
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.399
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  48.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1486           1486 *   {c |} 
            ind_year_fe {c |}         1959            1960              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~1y {c |}{res}     15,331    .0324171    .0474243          0          1
{txt}{browse `"Table9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table9.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~1y {c |}{res}     15,331    .0324171    .0474243          0          1
{txt}{browse `"Table_IA23.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA23.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 762 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1486{txt}{col 55}Number of obs = {res}   15331
{txt}{col 55}F(  2,  1485) = {res}    2.40
{txt}{col 55}Prob > F      = {res}  0.0914
{txt}Total (centered) SS     = {res} 17.88307586{txt}{col 55}Centered R2   = {res}  0.6901
{txt}Total (uncentered) SS   = {res} 17.88307586{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 17.90747951{txt}{col 55}Root MSE      = {res}  .03882

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ind_made_it_to_ne~2y{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0003531{col 37}{space 2} .0013316{col 48}{space 1}    0.27{col 57}{space 3}0.791{col 65}{space 4}-.0022589{col 78}{space 3}  .002965
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0027012{col 37}{space 2} .0012494{col 48}{space 1}   -2.16{col 57}{space 3}0.031{col 65}{space 4}-.0051521{col 78}{space 3}-.0002504
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.274
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.399
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  48.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1486           1486 *   {c |} 
            ind_year_fe {c |}         1959            1960              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~2y {c |}{res}     15,331    .0499748    .0613979          0          1
{txt}{browse `"Table9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table9.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~2y {c |}{res}     15,331    .0499748    .0613979          0          1
{txt}{browse `"Table_IA23.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA23.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 762 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1486{txt}{col 55}Number of obs = {res}   15331
{txt}{col 55}F(  2,  1485) = {res}    5.22
{txt}{col 55}Prob > F      = {res}  0.0055
{txt}Total (centered) SS     = {res} 18.70604954{txt}{col 55}Centered R2   = {res}  0.7261
{txt}Total (uncentered) SS   = {res} 18.70604954{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18.70762615{txt}{col 55}Root MSE      = {res}  .03968

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ind_made_it_to_ne~3y{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-9.89e-06{col 37}{space 2} .0015044{col 48}{space 1}   -0.01{col 57}{space 3}0.995{col 65}{space 4} -.002961{col 78}{space 3} .0029412
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0041044{col 37}{space 2} .0012701{col 48}{space 1}   -3.23{col 57}{space 3}0.001{col 65}{space 4}-.0065957{col 78}{space 3}-.0016131
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.274
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.399
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  48.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1486           1486 *   {c |} 
            ind_year_fe {c |}         1959            1960              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~3y {c |}{res}     15,331    .0600201    .0667509          0          1
{txt}{browse `"Table9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table9.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~3y {c |}{res}     15,331    .0600201    .0667509          0          1
{txt}{browse `"Table_IA23.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA23.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 762 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1486{txt}{col 55}Number of obs = {res}   15331
{txt}{col 55}F(  2,  1485) = {res}   12.35
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  18.2792527{txt}{col 55}Centered R2   = {res}  0.7640
{txt}Total (uncentered) SS   = {res}  18.2792527{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18.24817902{txt}{col 55}Root MSE      = {res}  .03919

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ind_made_it_to_ne~4y{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0005439{col 37}{space 2}  .001506{col 48}{space 1}   -0.36{col 57}{space 3}0.718{col 65}{space 4}-.0034981{col 78}{space 3} .0024103
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0061811{col 37}{space 2} .0012441{col 48}{space 1}   -4.97{col 57}{space 3}0.000{col 65}{space 4}-.0086216{col 78}{space 3}-.0037407
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.274
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.399
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  48.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1486           1486 *   {c |} 
            ind_year_fe {c |}         1959            1960              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~4y {c |}{res}     15,331    .0671823    .0710147          0          1
{txt}{browse `"Table9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table9.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~4y {c |}{res}     15,331    .0671823    .0710147          0          1
{txt}{browse `"Table_IA23.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA23.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 762 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1486{txt}{col 55}Number of obs = {res}   15331
{txt}{col 55}F(  2,  1485) = {res}   21.19
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19.47621166{txt}{col 55}Centered R2   = {res}  0.7740
{txt}Total (uncentered) SS   = {res} 19.47621166{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}   19.383153{txt}{col 55}Root MSE      = {res}  .04039

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ind_made_it_to_ne~5y{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0001119{col 37}{space 2} .0015374{col 48}{space 1}   -0.07{col 57}{space 3}0.942{col 65}{space 4}-.0031275{col 78}{space 3} .0029038
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0081202{col 37}{space 2} .0012473{col 48}{space 1}   -6.51{col 57}{space 3}0.000{col 65}{space 4}-.0105669{col 78}{space 3}-.0056736
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  83.274
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  67.399
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  48.371
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1486           1486 *   {c |} 
            ind_year_fe {c |}         1959            1960              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~5y {c |}{res}     15,331    .0723502    .0748055          0          1
{txt}{browse `"Table9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table9.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_ma~5y {c |}{res}     15,331    .0723502    .0748055          0          1
{txt}{browse `"Table_IA23.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA23.txt""':seeout}

{com}. 
. foreach j in SC {c -(}
{txt}  2{com}.         foreach var in IPO {c -(}
{txt}  3{com}.                 reghdfe `j'_ind_`var' (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su `j'_ind_`var' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 g SAMPLE=e(sample)
{txt}  8{com}.                                 outreg2 using "Table9.xls", dec(4) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.                 quietly reghdfe `j'_ind_`var' pat_clm_ct lag_app_to_first_action if SAMPLE==1 & $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt} 10{com}.                                 su `j'_ind_`var' if e(sample)==1
{txt} 11{com}.                                 local mean=r(mean)
{txt} 12{com}.                                 outreg2 using "Table_IA23.xls", dec(4) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen
{txt} 13{com}.                 drop SAMPLE
{txt} 14{com}.         {c )-}
{txt} 15{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 750 singleton observations)
{res}{txt}(converged in 18 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1492{txt}{col 55}Number of obs = {res}   15470
{txt}{col 55}F(  2,  1491) = {res}    2.26
{txt}{col 55}Prob > F      = {res}  0.1049
{txt}Total (centered) SS     = {res}  .834988646{txt}{col 55}Centered R2   = {res}  0.8312
{txt}Total (uncentered) SS   = {res}  .834988646{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} .8342873714{txt}{col 55}Root MSE      = {res} .008337

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}             SC_ind_IPO{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0000363{col 37}{space 2}  .000221{col 48}{space 1}    0.16{col 57}{space 3}0.870{col 65}{space 4}-.0003972{col 78}{space 3} .0004698
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0003939{col 37}{space 2} .0001878{col 48}{space 1}   -2.10{col 57}{space 3}0.036{col 65}{space 4}-.0007623{col 78}{space 3}-.0000256
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  84.333
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  68.896
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.857
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1492           1492 *   {c |} 
            ind_year_fe {c |}         1973            1974              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}SC_ind_IPO {c |}{res}     15,470    .0060479    .0178754          0         .5
{txt}{browse `"Table9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table9.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}SC_ind_IPO {c |}{res}     15,470    .0060479    .0178754          0         .5
{txt}{browse `"Table_IA23.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA23.txt""':seeout}

{com}. 
. 
. ****************
. *** TABLE 10 ***
. ****************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach j in SC {c -(}
{txt}  2{com}.         rename `j'_ind_total_patents_approved `j'_ind_total_patents_app
{txt}  3{com}. {c )-}
{res}{txt}
{com}. foreach j in SC {c -(}
{txt}  2{com}.         foreach var in ind_total_patents_appl ind_total_patents_app ind_all_cites5 ind_mean_cites5 {c -(}
{txt}  3{com}.                 g `j'_ln_`var'=ln(`j'_`var'+1)
{txt}  4{com}.         {c )-}
{txt}  5{com}. {c )-}
{txt}(17,380 missing values generated)
(17,380 missing values generated)
(18,115 missing values generated)
(18,115 missing values generated)

{com}. foreach j in SC {c -(}
{txt}  2{com}.         foreach var in ln_ind_total_patents_appl ln_ind_total_patents_app ind_approval_rate ln_ind_all_cites5 ln_ind_mean_cites5 {c -(}
{txt}  3{com}.                 reghdfe `j'_`var' (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 if "`var'"=="ln_ind_total_patents_appl" su `j'_ind_total_patents_appl if e(sample)==1
{txt}  6{com}.                                 if "`var'"=="ln_ind_total_patents_app" su `j'_ind_total_patents_app if e(sample)==1
{txt}  7{com}.                                 if "`var'"=="ind_approval_rate" su `j'_ind_approval_rate if e(sample)==1
{txt}  8{com}.                                 if "`var'"=="ln_ind_all_cites5" su `j'_ind_all_cites5 if e(sample)==1
{txt}  9{com}.                                 if "`var'"=="ln_ind_mean_cites5" su `j'_ind_mean_cites5 if e(sample)==1
{txt} 10{com}.                                 local mean=r(mean)                              
{txt} 11{com}.                                 g SAMPLE=e(sample)
{txt} 12{com}.                                 outreg2 using "Table10.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt} 13{com}.                 quietly reghdfe `j'_`var' pat_clm_ct lag_app_to_first_action if SAMPLE==1 & $filters, absorb(`j'_num ind_year_fe) vce(cluster `j'_num) old
{txt} 14{com}.                                 if "`var'"=="ln_ind_total_patents_appl" su `j'_ind_total_patents_appl if e(sample)==1
{txt} 15{com}.                                 if "`var'"=="ln_ind_total_patents_app" su `j'_ind_total_patents_app if e(sample)==1
{txt} 16{com}.                                 if "`var'"=="ind_approval_rate" su `j'_ind_approval_rate if e(sample)==1
{txt} 17{com}.                                 if "`var'"=="ln_ind_all_cites5" su `j'_ind_all_cites5 if e(sample)==1
{txt} 18{com}.                                 if "`var'"=="ln_ind_mean_cites5" su `j'_ind_mean_cites5 if e(sample)==1
{txt} 19{com}.                                 local mean=r(mean)      
{txt} 20{com}.                                 outreg2 using "Table_IA24.xls", dec(3) addstat("Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) sortvar(pat_clm_ct lag_app_to_first_action) append noparen
{txt} 21{com}.                 drop SAMPLE
{txt} 22{com}.         {c )-}
{txt} 23{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1093 singleton observations)
{res}{txt}(converged in 19 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1116{txt}{col 55}Number of obs = {res}    8604
{txt}{col 55}F(  2,  1115) = {res}  142.61
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 463.0572178{txt}{col 55}Centered R2   = {res}  0.9770
{txt}Total (uncentered) SS   = {res} 463.0572178{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 385.6429749{txt}{col 55}Root MSE      = {res}   .2554

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ln_ind_total_paten~l{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.005571{col 37}{space 2} .0106058{col 48}{space 1}   -0.53{col 57}{space 3}0.599{col 65}{space 4}-.0263805{col 78}{space 3} .0152385
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1831013{col 37}{space 2} .0109192{col 48}{space 1}  -16.77{col 57}{space 3}0.000{col 65}{space 4}-.2045257{col 78}{space 3}-.1616768
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  73.830
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.884
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  39.507
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1116           1116 *   {c |} 
            ind_year_fe {c |}         1574            1575              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_tot~l {c |}{res}      8,604    216.0543    325.8623          0       2889
{txt}{browse `"Table10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table10.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_tot~l {c |}{res}      8,604    216.0543    325.8623          0       2889
{txt}{browse `"Table_IA24.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA24.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1093 singleton observations)
{res}{txt}(converged in 19 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1116{txt}{col 55}Number of obs = {res}    8604
{txt}{col 55}F(  2,  1115) = {res}  128.80
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 503.5105983{txt}{col 55}Centered R2   = {res}  0.9738
{txt}Total (uncentered) SS   = {res} 503.5105983{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 429.6989241{txt}{col 55}Root MSE      = {res}   .2696

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}SC_ln_ind_total_paten~p{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0088575{col 37}{space 2} .0110031{col 48}{space 1}   -0.81{col 57}{space 3}0.421{col 65}{space 4}-.0304466{col 78}{space 3} .0127316
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.175792{col 37}{space 2} .0110608{col 48}{space 1}  -15.89{col 57}{space 3}0.000{col 65}{space 4}-.1974943{col 78}{space 3}-.1540898
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  73.830
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.884
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  39.507
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1116           1116 *   {c |} 
            ind_year_fe {c |}         1574            1575              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_tot~p {c |}{res}      8,604    134.0407    189.9924          0       1611
{txt}{browse `"Table10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table10.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_tot~p {c |}{res}      8,604    134.0407    189.9924          0       1611
{txt}{browse `"Table_IA24.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA24.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1093 singleton observations)
{res}{txt}(converged in 19 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1116{txt}{col 55}Number of obs = {res}    8604
{txt}{col 55}F(  2,  1115) = {res}    1.33
{txt}{col 55}Prob > F      = {res}  0.2660
{txt}Total (centered) SS     = {res} 39.10385532{txt}{col 55}Centered R2   = {res}  0.7642
{txt}Total (uncentered) SS   = {res} 39.10385532{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 39.30176399{txt}{col 55}Root MSE      = {res}  .08153

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ind_approval_rate{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0015362{col 37}{space 2} .0032065{col 48}{space 1}   -0.48{col 57}{space 3}0.632{col 65}{space 4}-.0078276{col 78}{space 3} .0047552
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} .0051312{col 37}{space 2}  .003267{col 48}{space 1}    1.57{col 57}{space 3}0.117{col 65}{space 4}-.0012791{col 78}{space 3} .0115414
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  73.830
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.884
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  39.507
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1116           1116 *   {c |} 
            ind_year_fe {c |}         1574            1575              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_app~e {c |}{res}      8,604     .635626    .1391915          0          1
{txt}{browse `"Table10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table10.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_app~e {c |}{res}      8,604     .635626    .1391915          0          1
{txt}{browse `"Table_IA24.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA24.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1096 singleton observations)
{res}{txt}(converged in 20 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1072{txt}{col 55}Number of obs = {res}    7921
{txt}{col 55}F(  2,  1071) = {res}   35.84
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  1071.55922{txt}{col 55}Centered R2   = {res}  0.9618
{txt}Total (uncentered) SS   = {res}  1071.55922{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1067.83838{txt}{col 55}Root MSE      = {res}   .4483

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}   SC_ln_ind_all_cites5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0425475{col 37}{space 2} .0191558{col 48}{space 1}   -2.22{col 57}{space 3}0.027{col 65}{space 4}-.0801346{col 78}{space 3}-.0049604
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1631584{col 37}{space 2} .0200601{col 48}{space 1}   -8.13{col 57}{space 3}0.000{col 65}{space 4}  -.20252{col 78}{space 3}-.1237968
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  71.027
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  45.905
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  39.326
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1072           1072 *   {c |} 
            ind_year_fe {c |}         1534            1535              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_all~5 {c |}{res}      7,921    1068.236    1805.712          0      14953
{txt}{browse `"Table10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table10.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_all~5 {c |}{res}      7,921    1068.236    1805.712          0      14953
{txt}{browse `"Table_IA24.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA24.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 1096 singleton observations)
{res}{txt}(converged in 20 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on SC_num

Number of clusters (SC_num) = {col 33}{res}  1072{txt}{col 55}Number of obs = {res}    7921
{txt}{col 55}F(  2,  1071) = {res}    3.69
{txt}{col 55}Prob > F      = {res}  0.0253
{txt}Total (centered) SS     = {res} 242.3549962{txt}{col 55}Centered R2   = {res}  0.8876
{txt}Total (uncentered) SS   = {res} 242.3549962{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 260.4627069{txt}{col 55}Root MSE      = {res}   .2214

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  SC_ln_ind_mean_cites5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.024583{col 37}{space 2} .0096805{col 48}{space 1}   -2.54{col 57}{space 3}0.011{col 65}{space 4}-.0435778{col 78}{space 3}-.0055881
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} .0093941{col 37}{space 2} .0098232{col 48}{space 1}    0.96{col 57}{space 3}0.339{col 65}{space 4}-.0098808{col 78}{space 3}  .028669
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  71.027
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  45.905
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  39.326
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
                 SC_num {c |}            0            1072           1072 *   {c |} 
            ind_year_fe {c |}         1534            1535              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_mea~5 {c |}{res}      7,921    4.086695     3.62869          0         93
{txt}{browse `"Table10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table10.txt""':seeout}
{err}(running historical version of reghdfe)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
SC_ind_mea~5 {c |}{res}      7,921    4.086695     3.62869          0         93
{txt}{browse `"Table_IA24.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA24.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.2 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var' lenience"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA2.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action lenience) keep(pat_clm_ct lag_app_to_first_action lenience) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   19.09
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2640.422045{txt}{col 55}Centered R2   = {res}  0.1574
{txt}Total (uncentered) SS   = {res} 2640.422045{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2639.136534{txt}{col 55}Root MSE      = {res}   .4745

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0111448{col 37}{space 2} .0229255{col 48}{space 1}   -0.49{col 57}{space 3}0.627{col 65}{space 4}-.0562084{col 78}{space 3} .0339187
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0346112{col 37}{space 2} .0156103{col 48}{space 1}   -2.22{col 57}{space 3}0.027{col 65}{space 4}-.0652956{col 78}{space 3}-.0039268
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0235771{col 37}{space 2} .0027972{col 48}{space 1}   -8.43{col 57}{space 3}0.000{col 65}{space 4}-.0290754{col 78}{space 3}-.0180789
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0008181{col 37}{space 2} .0454118{col 48}{space 1}   -0.02{col 57}{space 3}0.986{col 65}{space 4}-.0900821{col 78}{space 3} .0884459
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   31.58
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9159.34247{txt}{col 55}Centered R2   = {res}  0.1719
{txt}Total (uncentered) SS   = {res}  9159.34247{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}   9046.5512{txt}{col 55}Root MSE      = {res}   .8784

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .007374{col 37}{space 2} .0374082{col 48}{space 1}    0.20{col 57}{space 3}0.844{col 65}{space 4}-.0661576{col 78}{space 3} .0809056
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0797772{col 37}{space 2} .0302215{col 48}{space 1}   -2.64{col 57}{space 3}0.009{col 65}{space 4}-.1391822{col 78}{space 3}-.0203721
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0589611{col 37}{space 2} .0054671{col 48}{space 1}  -10.78{col 57}{space 3}0.000{col 65}{space 4}-.0697075{col 78}{space 3}-.0482147
{txt}{space 15}lenience {c |}{col 25}{res}{space 2} .0431967{col 37}{space 2} .0734029{col 48}{space 1}    0.59{col 57}{space 3}0.557{col 65}{space 4}-.1010881{col 78}{space 3} .1874815
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   30.18
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  16635.9594{txt}{col 55}Centered R2   = {res}  0.1713
{txt}Total (uncentered) SS   = {res}  16635.9594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  16491.3839{txt}{col 55}Root MSE      = {res}   1.186

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0243654{col 37}{space 2}  .046864{col 48}{space 1}   -0.52{col 57}{space 3}0.603{col 65}{space 4}-.1164839{col 78}{space 3} .0677531
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0908995{col 37}{space 2} .0410621{col 48}{space 1}   -2.21{col 57}{space 3}0.027{col 65}{space 4}-.1716133{col 78}{space 3}-.0101856
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0826543{col 37}{space 2} .0078257{col 48}{space 1}  -10.56{col 57}{space 3}0.000{col 65}{space 4}-.0980369{col 78}{space 3}-.0672717
{txt}{space 15}lenience {c |}{col 25}{res}{space 2} .1392955{col 37}{space 2} .1021178{col 48}{space 1}    1.36{col 57}{space 3}0.173{col 65}{space 4}-.0614328{col 78}{space 3} .3400238
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   28.15
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22464.62229{txt}{col 55}Centered R2   = {res}  0.1805
{txt}Total (uncentered) SS   = {res} 22464.62229{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22193.51812{txt}{col 55}Root MSE      = {res}   1.376

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0390652{col 37}{space 2} .0597898{col 48}{space 1}    0.65{col 57}{space 3}0.514{col 65}{space 4}-.0784609{col 78}{space 3} .1565913
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1089465{col 37}{space 2} .0456503{col 48}{space 1}   -2.39{col 57}{space 3}0.017{col 65}{space 4}-.1986794{col 78}{space 3}-.0192137
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0945777{col 37}{space 2}  .009421{col 48}{space 1}  -10.04{col 57}{space 3}0.000{col 65}{space 4}-.1130961{col 78}{space 3}-.0760593
{txt}{space 15}lenience {c |}{col 25}{res}{space 2} .1163003{col 37}{space 2} .1283202{col 48}{space 1}    0.91{col 57}{space 3}0.365{col 65}{space 4} -.135933{col 78}{space 3} .3685337
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   27.23
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27282.27927{txt}{col 55}Centered R2   = {res}  0.1720
{txt}Total (uncentered) SS   = {res} 27282.27927{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  27143.2067{txt}{col 55}Root MSE      = {res}   1.522

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0725038{col 37}{space 2} .0669434{col 48}{space 1}    1.08{col 57}{space 3}0.279{col 65}{space 4}-.0590839{col 78}{space 3} .2040914
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1227468{col 37}{space 2}  .050802{col 48}{space 1}   -2.42{col 57}{space 3}0.016{col 65}{space 4}-.2226061{col 78}{space 3}-.0228875
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1008217{col 37}{space 2} .0099752{col 48}{space 1}  -10.11{col 57}{space 3}0.000{col 65}{space 4}-.1204294{col 78}{space 3}-.0812139
{txt}{space 15}lenience {c |}{col 25}{res}{space 2} .0460709{col 37}{space 2} .1314812{col 48}{space 1}    0.35{col 57}{space 3}0.726{col 65}{space 4}-.2123758{col 78}{space 3} .3045176
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   13.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5735.31446{txt}{col 55}Centered R2   = {res}  0.1578
{txt}Total (uncentered) SS   = {res}  5735.31446{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5710.998889{txt}{col 55}Root MSE      = {res}   .6979

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0042744{col 37}{space 2}  .034607{col 48}{space 1}   -0.12{col 57}{space 3}0.902{col 65}{space 4}-.0722997{col 78}{space 3}  .063751
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0316676{col 37}{space 2}   .02323{col 48}{space 1}   -1.36{col 57}{space 3}0.174{col 65}{space 4}-.0773298{col 78}{space 3} .0139945
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.025616{col 37}{space 2} .0035014{col 48}{space 1}   -7.32{col 57}{space 3}0.000{col 65}{space 4}-.0324986{col 78}{space 3}-.0187334
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0094258{col 37}{space 2} .0670494{col 48}{space 1}   -0.14{col 57}{space 3}0.888{col 65}{space 4}-.1412217{col 78}{space 3} .1223702
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.275
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.256
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.884
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   22.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19826.90291{txt}{col 55}Centered R2   = {res}  0.1674
{txt}Total (uncentered) SS   = {res} 19826.90291{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 19725.39106{txt}{col 55}Root MSE      = {res}   1.297

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0442923{col 37}{space 2} .0577848{col 48}{space 1}    0.77{col 57}{space 3}0.444{col 65}{space 4}-.0692926{col 78}{space 3} .1578772
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0835591{col 37}{space 2} .0482296{col 48}{space 1}   -1.73{col 57}{space 3}0.084{col 65}{space 4}-.1783619{col 78}{space 3} .0112437
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0653163{col 37}{space 2} .0073125{col 48}{space 1}   -8.93{col 57}{space 3}0.000{col 65}{space 4}-.0796901{col 78}{space 3}-.0509424
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0030074{col 37}{space 2} .1082021{col 48}{space 1}   -0.03{col 57}{space 3}0.978{col 65}{space 4}-.2156955{col 78}{space 3} .2096808
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.275
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.256
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.884
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   24.79
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 36140.68538{txt}{col 55}Centered R2   = {res}  0.1770
{txt}Total (uncentered) SS   = {res} 36140.68538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 35694.11764{txt}{col 55}Root MSE      = {res}   1.745

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0002554{col 37}{space 2} .0732241{col 48}{space 1}   -0.00{col 57}{space 3}0.997{col 65}{space 4}-.1441887{col 78}{space 3}  .143678
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.103504{col 37}{space 2} .0637799{col 48}{space 1}   -1.62{col 57}{space 3}0.105{col 65}{space 4}-.2288734{col 78}{space 3} .0218653
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0995433{col 37}{space 2} .0108647{col 48}{space 1}   -9.16{col 57}{space 3}0.000{col 65}{space 4}-.1208996{col 78}{space 3} -.078187
{txt}{space 15}lenience {c |}{col 25}{res}{space 2} .1620941{col 37}{space 2} .1515838{col 48}{space 1}    1.07{col 57}{space 3}0.286{col 65}{space 4}-.1358673{col 78}{space 3} .4600555
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.275
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.256
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.884
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   29.85
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 51864.78975{txt}{col 55}Centered R2   = {res}  0.1778
{txt}Total (uncentered) SS   = {res} 51864.78975{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 51179.74397{txt}{col 55}Root MSE      = {res}   2.089

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0671288{col 37}{space 2} .0868493{col 48}{space 1}    0.77{col 57}{space 3}0.440{col 65}{space 4} -.103587{col 78}{space 3} .2378445
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1412689{col 37}{space 2} .0715948{col 48}{space 1}   -1.97{col 57}{space 3}0.049{col 65}{space 4}-.2819997{col 78}{space 3}-.0005382
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1326883{col 37}{space 2} .0131997{col 48}{space 1}  -10.05{col 57}{space 3}0.000{col 65}{space 4}-.1586345{col 78}{space 3}-.1067422
{txt}{space 15}lenience {c |}{col 25}{res}{space 2} .2811652{col 37}{space 2} .1823962{col 48}{space 1}    1.54{col 57}{space 3}0.124{col 65}{space 4}-.0773628{col 78}{space 3} .6396932
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.275
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.256
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.884
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   30.49
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  67032.7829{txt}{col 55}Centered R2   = {res}  0.1727
{txt}Total (uncentered) SS   = {res}  67032.7829{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 66361.42936{txt}{col 55}Root MSE      = {res}   2.379

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0997519{col 37}{space 2} .1040544{col 48}{space 1}    0.96{col 57}{space 3}0.338{col 65}{space 4}-.1047832{col 78}{space 3}  .304287
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.185531{col 37}{space 2} .0811816{col 48}{space 1}   -2.29{col 57}{space 3}0.023{col 65}{space 4} -.345106{col 78}{space 3}-.0259561
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1503643{col 37}{space 2} .0145193{col 48}{space 1}  -10.36{col 57}{space 3}0.000{col 65}{space 4}-.1789042{col 78}{space 3}-.1218244
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}  .178237{col 37}{space 2} .2037064{col 48}{space 1}    0.87{col 57}{space 3}0.382{col 65}{space 4}-.2221796{col 78}{space 3} .5786535
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.275
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.256
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.884
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp lenience"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA2.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action lenience) keep(pat_clm_ct lag_app_to_first_action lenience) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}    4.00
{txt}{col 55}Prob > F      = {res}  0.0034
{txt}Total (centered) SS     = {res} 333.6797015{txt}{col 55}Centered R2   = {res}  0.1449
{txt}Total (uncentered) SS   = {res} 333.6797015{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  338.482347{txt}{col 55}Root MSE      = {res}   .1699

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0097559{col 37}{space 2} .0088168{col 48}{space 1}   -1.11{col 57}{space 3}0.269{col 65}{space 4}-.0270868{col 78}{space 3}  .007575
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0129054{col 37}{space 2} .0057622{col 48}{space 1}   -2.24{col 57}{space 3}0.026{col 65}{space 4} -.024232{col 78}{space 3}-.0015788
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0033407{col 37}{space 2} .0010816{col 48}{space 1}    3.09{col 57}{space 3}0.002{col 65}{space 4} .0012146{col 78}{space 3} .0054668
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}  .010428{col 37}{space 2} .0168573{col 48}{space 1}    0.62{col 57}{space 3}0.537{col 65}{space 4}-.0227077{col 78}{space 3} .0435636
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}    8.81
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 682.0908786{txt}{col 55}Centered R2   = {res}  0.1594
{txt}Total (uncentered) SS   = {res} 682.0908786{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 681.8187221{txt}{col 55}Root MSE      = {res}   .2412

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0004334{col 37}{space 2} .0114315{col 48}{space 1}   -0.04{col 57}{space 3}0.970{col 65}{space 4}-.0229037{col 78}{space 3} .0220369
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0326582{col 37}{space 2} .0092415{col 48}{space 1}   -3.53{col 57}{space 3}0.000{col 65}{space 4}-.0508238{col 78}{space 3}-.0144925
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0074929{col 37}{space 2} .0014784{col 48}{space 1}    5.07{col 57}{space 3}0.000{col 65}{space 4} .0045869{col 78}{space 3}  .010399
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0186379{col 37}{space 2} .0215955{col 48}{space 1}   -0.86{col 57}{space 3}0.389{col 65}{space 4}-.0610871{col 78}{space 3} .0238114
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   14.96
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1054.978002{txt}{col 55}Centered R2   = {res}  0.1636
{txt}Total (uncentered) SS   = {res} 1054.978002{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1058.319552{txt}{col 55}Root MSE      = {res}   .3004

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0097587{col 37}{space 2} .0139855{col 48}{space 1}   -0.70{col 57}{space 3}0.486{col 65}{space 4}-.0372494{col 78}{space 3}  .017732
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.037166{col 37}{space 2} .0099592{col 48}{space 1}   -3.73{col 57}{space 3}0.000{col 65}{space 4}-.0567423{col 78}{space 3}-.0175897
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130625{col 37}{space 2} .0018831{col 48}{space 1}    6.94{col 57}{space 3}0.000{col 65}{space 4}  .009361{col 78}{space 3}  .016764
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0140719{col 37}{space 2} .0253877{col 48}{space 1}   -0.55{col 57}{space 3}0.580{col 65}{space 4}-.0639753{col 78}{space 3} .0358315
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   19.54
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1391.436165{txt}{col 55}Centered R2   = {res}  0.1727
{txt}Total (uncentered) SS   = {res} 1391.436165{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1396.04746{txt}{col 55}Root MSE      = {res}   .3451

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0113309{col 37}{space 2}  .015603{col 48}{space 1}   -0.73{col 57}{space 3}0.468{col 65}{space 4} -.042001{col 78}{space 3} .0193391
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.043001{col 37}{space 2} .0115694{col 48}{space 1}   -3.72{col 57}{space 3}0.000{col 65}{space 4}-.0657424{col 78}{space 3}-.0202597
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0180821{col 37}{space 2} .0021692{col 48}{space 1}    8.34{col 57}{space 3}0.000{col 65}{space 4} .0138181{col 78}{space 3} .0223461
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0194798{col 37}{space 2} .0309067{col 48}{space 1}   -0.63{col 57}{space 3}0.529{col 65}{space 4}-.0802317{col 78}{space 3} .0412722
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  4,   418) = {res}   27.10
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1745.722879{txt}{col 55}Centered R2   = {res}  0.1633
{txt}Total (uncentered) SS   = {res} 1745.722879{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1767.921096{txt}{col 55}Root MSE      = {res}   .3883

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.024545{col 37}{space 2} .0177282{col 48}{space 1}   -1.38{col 57}{space 3}0.167{col 65}{space 4}-.0593926{col 78}{space 3} .0103025
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.031817{col 37}{space 2} .0134164{col 48}{space 1}   -2.37{col 57}{space 3}0.018{col 65}{space 4} -.058189{col 78}{space 3} -.005445
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0242561{col 37}{space 2} .0024101{col 48}{space 1}   10.06{col 57}{space 3}0.000{col 65}{space 4} .0195187{col 78}{space 3} .0289935
{txt}{space 15}lenience {c |}{col 25}{res}{space 2}-.0154288{col 37}{space 2} .0330765{col 48}{space 1}   -0.47{col 57}{space 3}0.641{col 65}{space 4}-.0804457{col 78}{space 3} .0495882
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.336
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  47.219
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.929
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp lenience
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table_IA2.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA2.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.3 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 reghdfe growth`i'_`var'_w (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA3.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}.         {c )-}
{txt}  9{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    3.18
{txt}{col 55}Prob > F      = {res}  0.0428
{txt}Total (centered) SS     = {res} 2660.696085{txt}{col 55}Centered R2   = {res}  0.1461
{txt}Total (uncentered) SS   = {res} 2660.696085{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2674.463882{txt}{col 55}Root MSE      = {res}   .4765

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0107949{col 37}{space 2} .0186976{col 48}{space 1}   -0.58{col 57}{space 3}0.564{col 65}{space 4}-.0475479{col 78}{space 3} .0259581
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0342802{col 37}{space 2} .0144246{col 48}{space 1}   -2.38{col 57}{space 3}0.018{col 65}{space 4}-.0626339{col 78}{space 3}-.0059264
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    4.56
{txt}{col 55}Prob > F      = {res}  0.0110
{txt}Total (centered) SS     = {res}  9206.40617{txt}{col 55}Centered R2   = {res}  0.1589
{txt}Total (uncentered) SS   = {res}  9206.40617{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9187.962253{txt}{col 55}Root MSE      = {res}   .8833

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0127125{col 37}{space 2} .0302473{col 48}{space 1}    0.42{col 57}{space 3}0.674{col 65}{space 4}-.0467432{col 78}{space 3} .0721682
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.083679{col 37}{space 2} .0277815{col 48}{space 1}   -3.01{col 57}{space 3}0.003{col 65}{space 4}-.1382878{col 78}{space 3}-.0290701
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    3.56
{txt}{col 55}Prob > F      = {res}  0.0294
{txt}Total (centered) SS     = {res} 16730.05477{txt}{col 55}Centered R2   = {res}  0.1603
{txt}Total (uncentered) SS   = {res} 16730.05477{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16710.38756{txt}{col 55}Root MSE      = {res}   1.191

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0065196{col 37}{space 2} .0380133{col 48}{space 1}   -0.17{col 57}{space 3}0.864{col 65}{space 4}-.0812406{col 78}{space 3} .0682014
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1029752{col 37}{space 2} .0389355{col 48}{space 1}   -2.64{col 57}{space 3}0.008{col 65}{space 4}-.1795089{col 78}{space 3}-.0264416
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    4.38
{txt}{col 55}Prob > F      = {res}  0.0131
{txt}Total (centered) SS     = {res} 22609.80381{txt}{col 55}Centered R2   = {res}  0.1642
{txt}Total (uncentered) SS   = {res} 22609.80381{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22635.15532{txt}{col 55}Root MSE      = {res}   1.386

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0528874{col 37}{space 2} .0480595{col 48}{space 1}    1.10{col 57}{space 3}0.272{col 65}{space 4}-.0415811{col 78}{space 3} .1473559
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1178791{col 37}{space 2} .0433577{col 48}{space 1}   -2.72{col 57}{space 3}0.007{col 65}{space 4}-.2031054{col 78}{space 3}-.0326528
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    4.48
{txt}{col 55}Prob > F      = {res}  0.0119
{txt}Total (centered) SS     = {res} 27453.35961{txt}{col 55}Centered R2   = {res}  0.1576
{txt}Total (uncentered) SS   = {res} 27453.35961{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27616.60963{txt}{col 55}Root MSE      = {res}   1.531

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .076732{col 37}{space 2} .0543224{col 48}{space 1}    1.41{col 57}{space 3}0.159{col 65}{space 4}-.0300471{col 78}{space 3} .1835112
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.123447{col 37}{space 2} .0488835{col 48}{space 1}   -2.53{col 57}{space 3}0.012{col 65}{space 4}-.2195352{col 78}{space 3}-.0273588
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    1.09
{txt}{col 55}Prob > F      = {res}  0.3373
{txt}Total (centered) SS     = {res} 5776.784452{txt}{col 55}Centered R2   = {res}  0.1478
{txt}Total (uncentered) SS   = {res} 5776.784452{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5779.146586{txt}{col 55}Root MSE      = {res}   .7005

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0028893{col 37}{space 2} .0290776{col 48}{space 1}   -0.10{col 57}{space 3}0.921{col 65}{space 4}-.0600459{col 78}{space 3} .0542673
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0312138{col 37}{space 2} .0214924{col 48}{space 1}   -1.45{col 57}{space 3}0.147{col 65}{space 4}-.0734604{col 78}{space 3} .0110329
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    2.09
{txt}{col 55}Prob > F      = {res}  0.1252
{txt}Total (centered) SS     = {res} 19954.76244{txt}{col 55}Centered R2   = {res}  0.1541
{txt}Total (uncentered) SS   = {res} 19954.76244{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 20040.33811{txt}{col 55}Root MSE      = {res}   1.304

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0462217{col 37}{space 2}  .048046{col 48}{space 1}    0.96{col 57}{space 3}0.337{col 65}{space 4}-.0482202{col 78}{space 3} .1406635
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0837204{col 37}{space 2} .0447861{col 48}{space 1}   -1.87{col 57}{space 3}0.062{col 65}{space 4}-.1717544{col 78}{space 3} .0043136
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    2.03
{txt}{col 55}Prob > F      = {res}  0.1323
{txt}Total (centered) SS     = {res} 36366.03403{txt}{col 55}Centered R2   = {res}  0.1618
{txt}Total (uncentered) SS   = {res} 36366.03403{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 36350.43491{txt}{col 55}Root MSE      = {res}   1.757

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0260114{col 37}{space 2} .0602233{col 48}{space 1}    0.43{col 57}{space 3}0.666{col 65}{space 4}-.0923669{col 78}{space 3} .1443897
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1203595{col 37}{space 2} .0608666{col 48}{space 1}   -1.98{col 57}{space 3}0.049{col 65}{space 4}-.2400022{col 78}{space 3}-.0007168
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    4.41
{txt}{col 55}Prob > F      = {res}  0.0127
{txt}Total (centered) SS     = {res} 52193.37419{txt}{col 55}Centered R2   = {res}  0.1534
{txt}Total (uncentered) SS   = {res} 52193.37419{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 52700.50793{txt}{col 55}Root MSE      = {res}   2.115

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1124314{col 37}{space 2} .0728164{col 48}{space 1}    1.54{col 57}{space 3}0.123{col 65}{space 4}-.0307007{col 78}{space 3} .2555634
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1704991{col 37}{space 2} .0690437{col 48}{space 1}   -2.47{col 57}{space 3}0.014{col 65}{space 4}-.3062152{col 78}{space 3}-.0347831
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    4.62
{txt}{col 55}Prob > F      = {res}  0.0104
{txt}Total (centered) SS     = {res} 67367.16079{txt}{col 55}Centered R2   = {res}  0.1511
{txt}Total (uncentered) SS   = {res} 67367.16079{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 68098.45172{txt}{col 55}Root MSE      = {res}   2.405

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1336653{col 37}{space 2} .0864136{col 48}{space 1}    1.55{col 57}{space 3}0.123{col 65}{space 4}-.0361941{col 78}{space 3} .3035246
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2015464{col 37}{space 2} .0791481{col 48}{space 1}   -2.55{col 57}{space 3}0.011{col 65}{space 4}-.3571242{col 78}{space 3}-.0459686
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         reghdfe survive`i' (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(ind_year_fe) cluster(gau) old
{txt}  3{com}.                                 local KPFstat=e(widstat)
{txt}  4{com}.                                 su survive`i' if e(sample)==1
{txt}  5{com}.                                 local mean=r(mean)
{txt}  6{com}.                                 outreg2 using "Table_IA3.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  7{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    3.87
{txt}{col 55}Prob > F      = {res}  0.0217
{txt}Total (centered) SS     = {res} 335.5831954{txt}{col 55}Centered R2   = {res}  0.1430
{txt}Total (uncentered) SS   = {res} 335.5831954{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 339.2214584{txt}{col 55}Root MSE      = {res}   .1697

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0082721{col 37}{space 2} .0074754{col 48}{space 1}   -1.11{col 57}{space 3}0.269{col 65}{space 4}-.0229661{col 78}{space 3} .0064219
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.013996{col 37}{space 2} .0053911{col 48}{space 1}   -2.60{col 57}{space 3}0.010{col 65}{space 4}-.0245931{col 78}{space 3}-.0033989
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    6.27
{txt}{col 55}Prob > F      = {res}  0.0021
{txt}Total (centered) SS     = {res} 685.6005386{txt}{col 55}Centered R2   = {res}  0.1533
{txt}Total (uncentered) SS   = {res} 685.6005386{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}   686.83192{txt}{col 55}Root MSE      = {res}   .2415

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0036278{col 37}{space 2} .0099117{col 48}{space 1}   -0.37{col 57}{space 3}0.715{col 65}{space 4}-.0231108{col 78}{space 3} .0158553
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0308341{col 37}{space 2} .0087069{col 48}{space 1}   -3.54{col 57}{space 3}0.000{col 65}{space 4}-.0479488{col 78}{space 3}-.0137194
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    7.69
{txt}{col 55}Prob > F      = {res}  0.0005
{txt}Total (centered) SS     = {res} 1062.533796{txt}{col 55}Centered R2   = {res}  0.1517
{txt}Total (uncentered) SS   = {res} 1062.533796{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1073.401603{txt}{col 55}Root MSE      = {res}   .3019

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0122221{col 37}{space 2} .0122808{col 48}{space 1}   -1.00{col 57}{space 3}0.320{col 65}{space 4}-.0363619{col 78}{space 3} .0119176
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0358778{col 37}{space 2}  .009456{col 48}{space 1}   -3.79{col 57}{space 3}0.000{col 65}{space 4} -.054465{col 78}{space 3}-.0172905
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    7.91
{txt}{col 55}Prob > F      = {res}  0.0004
{txt}Total (centered) SS     = {res}  1402.92186{txt}{col 55}Centered R2   = {res}  0.1583
{txt}Total (uncentered) SS   = {res}  1402.92186{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1420.352467{txt}{col 55}Root MSE      = {res}   .3473

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0143333{col 37}{space 2} .0137373{col 48}{space 1}   -1.04{col 57}{space 3}0.297{col 65}{space 4}-.0413361{col 78}{space 3} .0126695
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0405691{col 37}{space 2} .0106332{col 48}{space 1}   -3.82{col 57}{space 3}0.000{col 65}{space 4}-.0614702{col 78}{space 3} -.019668
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 1 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  2,   418) = {res}    4.35
{txt}{col 55}Prob > F      = {res}  0.0135
{txt}Total (centered) SS     = {res} 1759.931493{txt}{col 55}Centered R2   = {res}  0.1467
{txt}Total (uncentered) SS   = {res} 1759.931493{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1802.875055{txt}{col 55}Root MSE      = {res}   .3913

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0263453{col 37}{space 2} .0159665{col 48}{space 1}   -1.65{col 57}{space 3}0.100{col 65}{space 4}  -.05773{col 78}{space 3} .0050393
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0299607{col 37}{space 2} .0126325{col 48}{space 1}   -2.37{col 57}{space 3}0.018{col 65}{space 4}-.0547918{col 78}{space 3}-.0051296
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.767
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  65.926
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.196
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table_IA3.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA3.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.4 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. g impute_pub_clm_ct=(pub_clm_ct==.)
{txt}
{com}. g pub_clm_ct_v1=pub_clm_ct
{txt}(4,899 missing values generated)

{com}. replace pub_clm_ct_v1=pat_clm_ct if pub_clm_ct==.
{txt}(4,890 real changes made)

{com}. 
. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var' pub_clm_ct_v1 impute_pub_clm_ct"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA4.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action pub_clm_ct_v1) keep(pat_clm_ct lag_app_to_first_action pub_clm_ct_v1) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   15.45
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2640.422045{txt}{col 55}Centered R2   = {res}  0.1565
{txt}Total (uncentered) SS   = {res} 2640.422045{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2641.770841{txt}{col 55}Root MSE      = {res}   .4747

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0154118{col 37}{space 2} .0231336{col 48}{space 1}   -0.67{col 57}{space 3}0.506{col 65}{space 4}-.0608846{col 78}{space 3} .0300609
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0375034{col 37}{space 2} .0143843{col 48}{space 1}   -2.61{col 57}{space 3}0.009{col 65}{space 4}-.0657779{col 78}{space 3}-.0092288
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0233541{col 37}{space 2} .0028233{col 48}{space 1}   -8.27{col 57}{space 3}0.000{col 65}{space 4}-.0289039{col 78}{space 3}-.0178044
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0080924{col 37}{space 2}  .008013{col 48}{space 1}    1.01{col 57}{space 3}0.313{col 65}{space 4}-.0076584{col 78}{space 3} .0238431
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0021489{col 37}{space 2} .0097932{col 48}{space 1}   -0.22{col 57}{space 3}0.826{col 65}{space 4}-.0213991{col 78}{space 3} .0171012
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   25.34
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9159.34247{txt}{col 55}Centered R2   = {res}  0.1717
{txt}Total (uncentered) SS   = {res}  9159.34247{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  9048.68172{txt}{col 55}Root MSE      = {res}   .8786

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0140808{col 37}{space 2} .0375874{col 48}{space 1}    0.37{col 57}{space 3}0.708{col 65}{space 4}-.0598031{col 78}{space 3} .0879646
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0844441{col 37}{space 2} .0280425{col 48}{space 1}   -3.01{col 57}{space 3}0.003{col 65}{space 4} -.139566{col 78}{space 3}-.0293221
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0590014{col 37}{space 2} .0055149{col 48}{space 1}  -10.70{col 57}{space 3}0.000{col 65}{space 4}-.0698418{col 78}{space 3}-.0481611
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0013648{col 37}{space 2} .0126923{col 48}{space 1}   -0.11{col 57}{space 3}0.914{col 65}{space 4}-.0263135{col 78}{space 3} .0235839
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0106583{col 37}{space 2} .0164947{col 48}{space 1}   -0.65{col 57}{space 3}0.519{col 65}{space 4}-.0430812{col 78}{space 3} .0217647
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   25.06
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  16635.9594{txt}{col 55}Centered R2   = {res}  0.1746
{txt}Total (uncentered) SS   = {res}  16635.9594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16425.18745{txt}{col 55}Root MSE      = {res}   1.184

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0090148{col 37}{space 2} .0472612{col 48}{space 1}   -0.19{col 57}{space 3}0.849{col 65}{space 4} -.101914{col 78}{space 3} .0838845
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1106922{col 37}{space 2} .0393002{col 48}{space 1}   -2.82{col 57}{space 3}0.005{col 65}{space 4}-.1879428{col 78}{space 3}-.0334415
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0824242{col 37}{space 2}  .007845{col 48}{space 1}  -10.51{col 57}{space 3}0.000{col 65}{space 4}-.0978448{col 78}{space 3}-.0670037
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0076621{col 37}{space 2} .0160988{col 48}{space 1}    0.48{col 57}{space 3}0.634{col 65}{space 4}-.0239826{col 78}{space 3} .0393069
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0425514{col 37}{space 2} .0228487{col 48}{space 1}   -1.86{col 57}{space 3}0.063{col 65}{space 4}-.0874641{col 78}{space 3} .0023613
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   23.32
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22464.62229{txt}{col 55}Centered R2   = {res}  0.1772
{txt}Total (uncentered) SS   = {res} 22464.62229{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22281.49673{txt}{col 55}Root MSE      = {res}   1.379

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0611001{col 37}{space 2}   .05844{col 48}{space 1}    1.05{col 57}{space 3}0.296{col 65}{space 4}-.0537729{col 78}{space 3} .1759731
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1189537{col 37}{space 2} .0440207{col 48}{space 1}   -2.70{col 57}{space 3}0.007{col 65}{space 4}-.2054833{col 78}{space 3}-.0324241
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0948682{col 37}{space 2}  .009456{col 48}{space 1}  -10.03{col 57}{space 3}0.000{col 65}{space 4}-.1134555{col 78}{space 3}-.0762809
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0116522{col 37}{space 2} .0192966{col 48}{space 1}   -0.60{col 57}{space 3}0.546{col 65}{space 4}-.0495827{col 78}{space 3} .0262782
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0327312{col 37}{space 2} .0261224{col 48}{space 1}   -1.25{col 57}{space 3}0.211{col 65}{space 4}-.0840788{col 78}{space 3} .0186163
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   22.54
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27282.27927{txt}{col 55}Centered R2   = {res}  0.1692
{txt}Total (uncentered) SS   = {res} 27282.27927{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27236.98624{txt}{col 55}Root MSE      = {res}   1.524

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0889018{col 37}{space 2}  .066592{col 48}{space 1}    1.34{col 57}{space 3}0.183{col 65}{space 4}-.0419951{col 78}{space 3} .2197988
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1223356{col 37}{space 2} .0502755{col 48}{space 1}   -2.43{col 57}{space 3}0.015{col 65}{space 4}-.2211598{col 78}{space 3}-.0235113
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1012301{col 37}{space 2} .0099975{col 48}{space 1}  -10.13{col 57}{space 3}0.000{col 65}{space 4}-.1208818{col 78}{space 3}-.0815783
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0204076{col 37}{space 2} .0220385{col 48}{space 1}   -0.93{col 57}{space 3}0.355{col 65}{space 4}-.0637278{col 78}{space 3} .0229126
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0321737{col 37}{space 2} .0301267{col 48}{space 1}   -1.07{col 57}{space 3}0.286{col 65}{space 4}-.0913924{col 78}{space 3} .0270449
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   11.40
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5735.31446{txt}{col 55}Centered R2   = {res}  0.1575
{txt}Total (uncentered) SS   = {res}  5735.31446{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5713.094554{txt}{col 55}Root MSE      = {res}   .6981

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0089465{col 37}{space 2} .0355848{col 48}{space 1}   -0.25{col 57}{space 3}0.802{col 65}{space 4} -.078894{col 78}{space 3} .0610011
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0328258{col 37}{space 2} .0214284{col 48}{space 1}   -1.53{col 57}{space 3}0.126{col 65}{space 4}-.0749467{col 78}{space 3} .0092952
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0254509{col 37}{space 2} .0034942{col 48}{space 1}   -7.28{col 57}{space 3}0.000{col 65}{space 4}-.0323193{col 78}{space 3}-.0185824
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0066741{col 37}{space 2} .0119914{col 48}{space 1}    0.56{col 57}{space 3}0.578{col 65}{space 4} -.016897{col 78}{space 3} .0302451
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0033372{col 37}{space 2} .0147047{col 48}{space 1}    0.23{col 57}{space 3}0.821{col 65}{space 4}-.0255672{col 78}{space 3} .0322416
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.204
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.306
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.162
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   16.73
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19826.90291{txt}{col 55}Centered R2   = {res}  0.1669
{txt}Total (uncentered) SS   = {res} 19826.90291{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 19737.18585{txt}{col 55}Root MSE      = {res}   1.298

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0502513{col 37}{space 2} .0578415{col 48}{space 1}    0.87{col 57}{space 3}0.385{col 65}{space 4}-.0634452{col 78}{space 3} .1639478
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0784789{col 37}{space 2} .0445352{col 48}{space 1}   -1.76{col 57}{space 3}0.079{col 65}{space 4}-.1660198{col 78}{space 3} .0090619
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0656592{col 37}{space 2} .0073492{col 48}{space 1}   -8.93{col 57}{space 3}0.000{col 65}{space 4}-.0801052{col 78}{space 3}-.0512132
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0123835{col 37}{space 2} .0188801{col 48}{space 1}   -0.66{col 57}{space 3}0.512{col 65}{space 4}-.0494952{col 78}{space 3} .0247281
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0068579{col 37}{space 2} .0262805{col 48}{space 1}    0.26{col 57}{space 3}0.794{col 65}{space 4}-.0448006{col 78}{space 3} .0585164
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.204
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.306
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.162
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   17.85
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 36140.68538{txt}{col 55}Centered R2   = {res}  0.1769
{txt}Total (uncentered) SS   = {res} 36140.68538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 35699.10837{txt}{col 55}Root MSE      = {res}   1.745

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0240075{col 37}{space 2} .0727931{col 48}{space 1}    0.33{col 57}{space 3}0.742{col 65}{space 4}-.1190787{col 78}{space 3} .1670937
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1199658{col 37}{space 2} .0615521{col 48}{space 1}   -1.95{col 57}{space 3}0.052{col 65}{space 4}-.2409559{col 78}{space 3} .0010244
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0996596{col 37}{space 2} .0108738{col 48}{space 1}   -9.17{col 57}{space 3}0.000{col 65}{space 4}-.1210338{col 78}{space 3}-.0782854
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0021319{col 37}{space 2} .0235295{col 48}{space 1}   -0.09{col 57}{space 3}0.928{col 65}{space 4}-.0483829{col 78}{space 3}  .044119
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0056539{col 37}{space 2} .0359533{col 48}{space 1}   -0.16{col 57}{space 3}0.875{col 65}{space 4}-.0763257{col 78}{space 3} .0650179
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.204
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.306
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.162
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   21.29
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 51864.78975{txt}{col 55}Centered R2   = {res}  0.1700
{txt}Total (uncentered) SS   = {res} 51864.78975{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 51665.69224{txt}{col 55}Root MSE      = {res}   2.099

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1223971{col 37}{space 2}  .087082{col 48}{space 1}    1.41{col 57}{space 3}0.161{col 65}{space 4}-.0487762{col 78}{space 3} .2935704
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1599431{col 37}{space 2} .0695642{col 48}{space 1}   -2.30{col 57}{space 3}0.022{col 65}{space 4}-.2966824{col 78}{space 3}-.0232038
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1336031{col 37}{space 2} .0132455{col 48}{space 1}  -10.09{col 57}{space 3}0.000{col 65}{space 4}-.1596392{col 78}{space 3} -.107567
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0292073{col 37}{space 2} .0289124{col 48}{space 1}   -1.01{col 57}{space 3}0.313{col 65}{space 4}-.0860391{col 78}{space 3} .0276245
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0052957{col 37}{space 2} .0431663{col 48}{space 1}    0.12{col 57}{space 3}0.902{col 65}{space 4}-.0795545{col 78}{space 3} .0901458
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.204
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.306
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.162
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   22.49
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  67032.7829{txt}{col 55}Centered R2   = {res}  0.1671
{txt}Total (uncentered) SS   = {res}  67032.7829{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 66816.56992{txt}{col 55}Root MSE      = {res}   2.387

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}   .14497{col 37}{space 2} .1038105{col 48}{space 1}    1.40{col 57}{space 3}0.163{col 65}{space 4}-.0590856{col 78}{space 3} .3490256
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1907576{col 37}{space 2} .0795245{col 48}{space 1}   -2.40{col 57}{space 3}0.017{col 65}{space 4}-.3470753{col 78}{space 3}-.0344399
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1514389{col 37}{space 2} .0145192{col 48}{space 1}  -10.43{col 57}{space 3}0.000{col 65}{space 4}-.1799787{col 78}{space 3}-.1228991
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}-.0389612{col 37}{space 2} .0340025{col 48}{space 1}   -1.15{col 57}{space 3}0.253{col 65}{space 4}-.1057984{col 78}{space 3}  .027876
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2}-.0058993{col 37}{space 2} .0506191{col 48}{space 1}   -0.12{col 57}{space 3}0.907{col 65}{space 4}-.1053989{col 78}{space 3} .0936004
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.204
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.306
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.162
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA4.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action pub_clm_ct_v1) keep(pat_clm_ct lag_app_to_first_action pub_clm_ct_v1) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}    4.38
{txt}{col 55}Prob > F      = {res}  0.0007
{txt}Total (centered) SS     = {res} 333.6797015{txt}{col 55}Centered R2   = {res}  0.1475
{txt}Total (uncentered) SS   = {res} 333.6797015{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  337.422387{txt}{col 55}Root MSE      = {res}   .1697

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.009358{col 37}{space 2} .0089508{col 48}{space 1}   -1.05{col 57}{space 3}0.296{col 65}{space 4}-.0269523{col 78}{space 3} .0082362
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0143861{col 37}{space 2} .0054899{col 48}{space 1}   -2.62{col 57}{space 3}0.009{col 65}{space 4}-.0251773{col 78}{space 3}-.0035949
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0033423{col 37}{space 2} .0010766{col 48}{space 1}    3.10{col 57}{space 3}0.002{col 65}{space 4} .0012261{col 78}{space 3} .0054586
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0024388{col 37}{space 2} .0030061{col 48}{space 1}    0.81{col 57}{space 3}0.418{col 65}{space 4}-.0034701{col 78}{space 3} .0083477
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0075307{col 37}{space 2}  .003471{col 48}{space 1}    2.17{col 57}{space 3}0.031{col 65}{space 4} .0007079{col 78}{space 3} .0143534
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}    7.72
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 682.0908786{txt}{col 55}Centered R2   = {res}  0.1601
{txt}Total (uncentered) SS   = {res} 682.0908786{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 681.3141714{txt}{col 55}Root MSE      = {res}   .2411

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0030154{col 37}{space 2} .0119444{col 48}{space 1}   -0.25{col 57}{space 3}0.801{col 65}{space 4} -.026494{col 78}{space 3} .0204631
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0302282{col 37}{space 2} .0090579{col 48}{space 1}   -3.34{col 57}{space 3}0.001{col 65}{space 4}-.0480328{col 78}{space 3}-.0124235
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0074738{col 37}{space 2} .0014753{col 48}{space 1}    5.07{col 57}{space 3}0.000{col 65}{space 4} .0045738{col 78}{space 3} .0103738
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0001236{col 37}{space 2} .0039285{col 48}{space 1}    0.03{col 57}{space 3}0.975{col 65}{space 4}-.0075985{col 78}{space 3} .0078458
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0087229{col 37}{space 2} .0050444{col 48}{space 1}    1.73{col 57}{space 3}0.085{col 65}{space 4}-.0011926{col 78}{space 3} .0186384
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   12.50
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1054.978002{txt}{col 55}Centered R2   = {res}  0.1612
{txt}Total (uncentered) SS   = {res} 1054.978002{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1061.422325{txt}{col 55}Root MSE      = {res}   .3009

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0136467{col 37}{space 2} .0148713{col 48}{space 1}   -0.92{col 57}{space 3}0.359{col 65}{space 4}-.0428785{col 78}{space 3} .0155851
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0364197{col 37}{space 2} .0097841{col 48}{space 1}   -3.72{col 57}{space 3}0.000{col 65}{space 4}-.0556518{col 78}{space 3}-.0171876
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0131204{col 37}{space 2}  .001874{col 48}{space 1}    7.00{col 57}{space 3}0.000{col 65}{space 4} .0094367{col 78}{space 3}  .016804
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2}  .004098{col 37}{space 2} .0048919{col 48}{space 1}    0.84{col 57}{space 3}0.403{col 65}{space 4}-.0055179{col 78}{space 3} .0137138
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0118019{col 37}{space 2} .0068097{col 48}{space 1}    1.73{col 57}{space 3}0.084{col 65}{space 4}-.0015836{col 78}{space 3} .0251874
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   15.90
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1391.436165{txt}{col 55}Centered R2   = {res}  0.1693
{txt}Total (uncentered) SS   = {res} 1391.436165{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1401.822656{txt}{col 55}Root MSE      = {res}   .3458

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0163199{col 37}{space 2} .0164178{col 48}{space 1}   -0.99{col 57}{space 3}0.321{col 65}{space 4}-.0485916{col 78}{space 3} .0159517
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0420295{col 37}{space 2} .0110084{col 48}{space 1}   -3.82{col 57}{space 3}0.000{col 65}{space 4}-.0636683{col 78}{space 3}-.0203907
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0181767{col 37}{space 2}  .002164{col 48}{space 1}    8.40{col 57}{space 3}0.000{col 65}{space 4} .0139229{col 78}{space 3} .0224304
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0046516{col 37}{space 2} .0053536{col 48}{space 1}    0.87{col 57}{space 3}0.385{col 65}{space 4}-.0058717{col 78}{space 3} .0151749
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0094751{col 37}{space 2} .0081141{col 48}{space 1}    1.17{col 57}{space 3}0.244{col 65}{space 4}-.0064743{col 78}{space 3} .0254246
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   21.95
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1745.722879{txt}{col 55}Centered R2   = {res}  0.1563
{txt}Total (uncentered) SS   = {res} 1745.722879{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1782.61927{txt}{col 55}Root MSE      = {res}     .39

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0308954{col 37}{space 2} .0191708{col 48}{space 1}   -1.61{col 57}{space 3}0.108{col 65}{space 4}-.0685785{col 78}{space 3} .0067877
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0329648{col 37}{space 2}  .012893{col 48}{space 1}   -2.56{col 57}{space 3}0.011{col 65}{space 4} -.058308{col 78}{space 3}-.0076215
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0244794{col 37}{space 2} .0024009{col 48}{space 1}   10.20{col 57}{space 3}0.000{col 65}{space 4}   .01976{col 78}{space 3} .0291988
{txt}{space 10}pub_clm_ct_v1 {c |}{col 25}{res}{space 2} .0082174{col 37}{space 2} .0065456{col 48}{space 1}    1.26{col 57}{space 3}0.210{col 65}{space 4} -.004649{col 78}{space 3} .0210838
{txt}{space 6}impute_pub_clm_ct {c |}{col 25}{res}{space 2} .0022316{col 37}{space 2} .0081817{col 48}{space 1}    0.27{col 57}{space 3}0.785{col 65}{space 4}-.0138508{col 78}{space 3}  .018314
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  46.197
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.195
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  32.123
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp pub_clm_ct_v1 impute_pub_clm_ct
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table_IA4.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA4.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.5 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls=" ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (tot_clm_ct lag_app_to_first_action=instrument_lag instrument_tot_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA5.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(tot_clm_ct lag_app_to_first_action) keep(tot_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   25.80
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2640.422045{txt}{col 55}Centered R2   = {res}  0.1609
{txt}Total (uncentered) SS   = {res} 2640.422045{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2628.156411{txt}{col 55}Root MSE      = {res}   .4734

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} -.000699{col 37}{space 2} .0048296{col 48}{space 1}   -0.14{col 57}{space 3}0.885{col 65}{space 4}-.0101923{col 78}{space 3} .0087943
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0344333{col 37}{space 2} .0147272{col 48}{space 1}   -2.34{col 57}{space 3}0.020{col 65}{space 4} -.063382{col 78}{space 3}-.0054847
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0237941{col 37}{space 2}  .002812{col 48}{space 1}   -8.46{col 57}{space 3}0.000{col 65}{space 4}-.0293215{col 78}{space 3}-.0182667
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   40.54
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9159.34247{txt}{col 55}Centered R2   = {res}  0.1663
{txt}Total (uncentered) SS   = {res}  9159.34247{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  9107.17654{txt}{col 55}Root MSE      = {res}   .8813

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0047712{col 37}{space 2} .0086672{col 48}{space 1}    0.55{col 57}{space 3}0.582{col 65}{space 4}-.0122655{col 78}{space 3}  .021808
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0859249{col 37}{space 2} .0283766{col 48}{space 1}   -3.03{col 57}{space 3}0.003{col 65}{space 4}-.1417035{col 78}{space 3}-.0301462
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0580875{col 37}{space 2}  .005507{col 48}{space 1}  -10.55{col 57}{space 3}0.000{col 65}{space 4}-.0689125{col 78}{space 3}-.0472626
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   38.79
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  16635.9594{txt}{col 55}Centered R2   = {res}  0.1752
{txt}Total (uncentered) SS   = {res}  16635.9594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16413.02185{txt}{col 55}Root MSE      = {res}   1.183

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0013238{col 37}{space 2} .0107726{col 48}{space 1}    0.12{col 57}{space 3}0.902{col 65}{space 4}-.0198514{col 78}{space 3} .0224989
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1059793{col 37}{space 2} .0396809{col 48}{space 1}   -2.67{col 57}{space 3}0.008{col 65}{space 4}-.1839783{col 78}{space 3}-.0279804
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0826842{col 37}{space 2} .0079849{col 48}{space 1}  -10.36{col 57}{space 3}0.000{col 65}{space 4}-.0983798{col 78}{space 3}-.0669886
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   34.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22464.62229{txt}{col 55}Centered R2   = {res}  0.1613
{txt}Total (uncentered) SS   = {res} 22464.62229{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22713.04137{txt}{col 55}Root MSE      = {res}   1.392

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0148723{col 37}{space 2} .0126865{col 48}{space 1}    1.17{col 57}{space 3}0.242{col 65}{space 4} -.010065{col 78}{space 3} .0398096
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.125984{col 37}{space 2}  .043683{col 48}{space 1}   -2.88{col 57}{space 3}0.004{col 65}{space 4}-.2118498{col 78}{space 3}-.0401183
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0917092{col 37}{space 2} .0098105{col 48}{space 1}   -9.35{col 57}{space 3}0.000{col 65}{space 4}-.1109932{col 78}{space 3}-.0724252
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   34.70
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27282.27927{txt}{col 55}Centered R2   = {res}  0.1705
{txt}Total (uncentered) SS   = {res} 27282.27927{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27193.70252{txt}{col 55}Root MSE      = {res}   1.523

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0121073{col 37}{space 2} .0134222{col 48}{space 1}    0.90{col 57}{space 3}0.368{col 65}{space 4}-.0142761{col 78}{space 3} .0384907
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1310166{col 37}{space 2} .0489402{col 48}{space 1}   -2.68{col 57}{space 3}0.008{col 65}{space 4}-.2272162{col 78}{space 3} -.034817
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0981176{col 37}{space 2} .0105664{col 48}{space 1}   -9.29{col 57}{space 3}0.000{col 65}{space 4}-.1188876{col 78}{space 3}-.0773476
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   18.45
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5735.31446{txt}{col 55}Centered R2   = {res}  0.1571
{txt}Total (uncentered) SS   = {res}  5735.31446{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5715.646367{txt}{col 55}Root MSE      = {res}   .6982

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0020865{col 37}{space 2} .0072811{col 48}{space 1}    0.29{col 57}{space 3}0.775{col 65}{space 4}-.0122256{col 78}{space 3} .0163986
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0315913{col 37}{space 2} .0220049{col 48}{space 1}   -1.44{col 57}{space 3}0.152{col 65}{space 4}-.0748454{col 78}{space 3} .0116627
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}  -.02538{col 37}{space 2} .0036342{col 48}{space 1}   -6.98{col 57}{space 3}0.000{col 65}{space 4}-.0325237{col 78}{space 3}-.0182364
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  19.853
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.250
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   27.33
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19826.90291{txt}{col 55}Centered R2   = {res}  0.1286
{txt}Total (uncentered) SS   = {res} 19826.90291{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 20644.16462{txt}{col 55}Root MSE      = {res}   1.327

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0182298{col 37}{space 2} .0133826{col 48}{space 1}    1.36{col 57}{space 3}0.174{col 65}{space 4}-.0080758{col 78}{space 3} .0445354
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0896394{col 37}{space 2} .0455829{col 48}{space 1}   -1.97{col 57}{space 3}0.050{col 65}{space 4}-.1792397{col 78}{space 3}-.0000391
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0630964{col 37}{space 2} .0074281{col 48}{space 1}   -8.49{col 57}{space 3}0.000{col 65}{space 4}-.0776975{col 78}{space 3}-.0484954
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  19.853
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.250
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   28.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 36140.68538{txt}{col 55}Centered R2   = {res}  0.1701
{txt}Total (uncentered) SS   = {res} 36140.68538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 35994.42329{txt}{col 55}Root MSE      = {res}   1.752

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0103849{col 37}{space 2}  .016251{col 48}{space 1}    0.64{col 57}{space 3}0.523{col 65}{space 4}-.0215589{col 78}{space 3} .0423288
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1240418{col 37}{space 2} .0616677{col 48}{space 1}   -2.01{col 57}{space 3}0.045{col 65}{space 4}-.2452594{col 78}{space 3}-.0028243
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0983653{col 37}{space 2} .0106439{col 48}{space 1}   -9.24{col 57}{space 3}0.000{col 65}{space 4}-.1192876{col 78}{space 3}-.0774431
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  19.853
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.250
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   34.24
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 51864.78975{txt}{col 55}Centered R2   = {res}  0.1626
{txt}Total (uncentered) SS   = {res} 51864.78975{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 52125.19125{txt}{col 55}Root MSE      = {res}   2.108

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0207215{col 37}{space 2} .0189763{col 48}{space 1}    1.09{col 57}{space 3}0.275{col 65}{space 4}-.0165793{col 78}{space 3} .0580223
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1768533{col 37}{space 2} .0683442{col 48}{space 1}   -2.59{col 57}{space 3}0.010{col 65}{space 4}-.3111944{col 78}{space 3}-.0425122
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1301854{col 37}{space 2}  .013309{col 48}{space 1}   -9.78{col 57}{space 3}0.000{col 65}{space 4}-.1563464{col 78}{space 3}-.1040244
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  19.853
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.250
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   36.08
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  67032.7829{txt}{col 55}Centered R2   = {res}  0.1783
{txt}Total (uncentered) SS   = {res}  67032.7829{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 65914.92116{txt}{col 55}Root MSE      = {res}   2.371

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0046637{col 37}{space 2} .0210058{col 48}{space 1}    0.22{col 57}{space 3}0.824{col 65}{space 4}-.0366266{col 78}{space 3} .0459539
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}  -.20386{col 37}{space 2} .0778969{col 48}{space 1}   -2.62{col 57}{space 3}0.009{col 65}{space 4}-.3569785{col 78}{space 3}-.0507415
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1496432{col 37}{space 2} .0148744{col 48}{space 1}  -10.06{col 57}{space 3}0.000{col 65}{space 4}-.1788812{col 78}{space 3}-.1204052
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  19.853
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.250
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (tot_clm_ct lag_app_to_first_action=instrument_lag instrument_tot_claims ) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA5.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(tot_clm_ct lag_app_to_first_action) keep(tot_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}    5.00
{txt}{col 55}Prob > F      = {res}  0.0020
{txt}Total (centered) SS     = {res} 333.6797015{txt}{col 55}Centered R2   = {res}  0.1559
{txt}Total (uncentered) SS   = {res} 333.6797015{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 334.1092791{txt}{col 55}Root MSE      = {res}   .1688

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2}-.0005607{col 37}{space 2}  .001706{col 48}{space 1}   -0.33{col 57}{space 3}0.743{col 65}{space 4} -.003914{col 78}{space 3} .0027926
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0139032{col 37}{space 2} .0053946{col 48}{space 1}   -2.58{col 57}{space 3}0.010{col 65}{space 4}-.0245072{col 78}{space 3}-.0032992
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0031558{col 37}{space 2} .0011563{col 48}{space 1}    2.73{col 57}{space 3}0.007{col 65}{space 4}  .000883{col 78}{space 3} .0054287
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   11.72
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 682.0908786{txt}{col 55}Centered R2   = {res}  0.1333
{txt}Total (uncentered) SS   = {res} 682.0908786{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 703.0383015{txt}{col 55}Root MSE      = {res}   .2449

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0022709{col 37}{space 2} .0024629{col 48}{space 1}    0.92{col 57}{space 3}0.357{col 65}{space 4}-.0025703{col 78}{space 3} .0071122
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0316612{col 37}{space 2}  .008903{col 48}{space 1}   -3.56{col 57}{space 3}0.000{col 65}{space 4}-.0491614{col 78}{space 3}-.0141611
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0078881{col 37}{space 2} .0015714{col 48}{space 1}    5.02{col 57}{space 3}0.000{col 65}{space 4} .0047993{col 78}{space 3} .0109769
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   18.72
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1054.978002{txt}{col 55}Centered R2   = {res}  0.1671
{txt}Total (uncentered) SS   = {res} 1054.978002{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1053.96744{txt}{col 55}Root MSE      = {res}   .2998

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2} .0002276{col 37}{space 2} .0029232{col 48}{space 1}    0.08{col 57}{space 3}0.938{col 65}{space 4}-.0055184{col 78}{space 3} .0059735
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0359816{col 37}{space 2} .0095632{col 48}{space 1}   -3.76{col 57}{space 3}0.000{col 65}{space 4}-.0547795{col 78}{space 3}-.0171836
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130222{col 37}{space 2} .0019458{col 48}{space 1}    6.69{col 57}{space 3}0.000{col 65}{space 4} .0091975{col 78}{space 3}  .016847
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   25.37
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1391.436165{txt}{col 55}Centered R2   = {res}  0.1773
{txt}Total (uncentered) SS   = {res} 1391.436165{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1388.313614{txt}{col 55}Root MSE      = {res}   .3441

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2}-.0001308{col 37}{space 2} .0029967{col 48}{space 1}   -0.04{col 57}{space 3}0.965{col 65}{space 4}-.0060213{col 78}{space 3} .0057597
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0411513{col 37}{space 2}  .010889{col 48}{space 1}   -3.78{col 57}{space 3}0.000{col 65}{space 4}-.0625552{col 78}{space 3}-.0197473
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0179681{col 37}{space 2}  .002205{col 48}{space 1}    8.15{col 57}{space 3}0.000{col 65}{space 4} .0136339{col 78}{space 3} .0223023
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   33.83
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1745.722879{txt}{col 55}Centered R2   = {res}  0.1767
{txt}Total (uncentered) SS   = {res} 1745.722879{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1739.485336{txt}{col 55}Root MSE      = {res}   .3852

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}tot_clm_ct {c |}{col 25}{res}{space 2}-.0015493{col 37}{space 2} .0034643{col 48}{space 1}   -0.45{col 57}{space 3}0.655{col 65}{space 4}-.0083589{col 78}{space 3} .0052603
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0300354{col 37}{space 2} .0128828{col 48}{space 1}   -2.33{col 57}{space 3}0.020{col 65}{space 4}-.0553586{col 78}{space 3}-.0047123
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0237812{col 37}{space 2} .0024485{col 48}{space 1}    9.71{col 57}{space 3}0.000{col 65}{space 4} .0189683{col 78}{space 3} .0285941
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  29.203
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  20.000
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  17.312
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}tot_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_tot_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table_IA5.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA5.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.6 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls=" ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (patent_scope_z_score_within_art_ lag_app_to_first_action=instrument_lag examiner_scope_toughness_z_score) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA6.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(patent_scope_z_score_within_art_ lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}    7.09
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 1102.849461{txt}{col 55}Centered R2   = {res}  0.2021
{txt}Total (uncentered) SS   = {res} 1102.849461{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1109.925837{txt}{col 55}Root MSE      = {res}   .4693

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                   growth1_emp_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0417628{col 46}{space 2} .0389781{col 57}{space 1}   -1.07{col 66}{space 3}0.285{col 74}{space 4}-.1184449{col 87}{space 3} .0349194
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0458694{col 46}{space 2}  .024565{col 57}{space 1}   -1.87{col 66}{space 3}0.063{col 74}{space 4}-.0941965{col 87}{space 3} .0024576
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2}-.0172469{col 46}{space 2} .0038556{col 57}{space 1}   -4.47{col 66}{space 3}0.000{col 74}{space 4}-.0248322{col 87}{space 3}-.0096617
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}      6,318    .0621023    .4692774         -1          3
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   15.65
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 3959.956921{txt}{col 55}Centered R2   = {res}  0.2146
{txt}Total (uncentered) SS   = {res} 3959.956921{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 3920.796701{txt}{col 55}Root MSE      = {res}   .8821

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                   growth2_emp_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2} -.020134{col 46}{space 2} .0745537{col 57}{space 1}   -0.27{col 66}{space 3}0.787{col 74}{space 4}-.1668045{col 87}{space 3} .1265365
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0970625{col 46}{space 2} .0494171{col 57}{space 1}   -1.96{col 66}{space 3}0.050{col 74}{space 4}-.1942814{col 87}{space 3} .0001563
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2}-.0506539{col 46}{space 2} .0077648{col 57}{space 1}   -6.52{col 66}{space 3}0.000{col 74}{space 4}-.0659296{col 87}{space 3}-.0353781
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}      6,318    .1462233    .8889672         -1          6
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   20.99
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 7351.218335{txt}{col 55}Centered R2   = {res}  0.2043
{txt}Total (uncentered) SS   = {res} 7351.218335{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7314.962754{txt}{col 55}Root MSE      = {res}   1.205

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                   growth3_emp_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.1005635{col 46}{space 2} .1006311{col 57}{space 1}   -1.00{col 66}{space 3}0.318{col 74}{space 4}-.2985364{col 87}{space 3} .0974094
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.1184708{col 46}{space 2} .0671023{col 57}{space 1}   -1.77{col 66}{space 3}0.078{col 74}{space 4} -.250482{col 87}{space 3} .0135405
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2}-.0776857{col 46}{space 2} .0099696{col 57}{space 1}   -7.79{col 66}{space 3}0.000{col 74}{space 4}-.0972989{col 87}{space 3}-.0580724
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}      6,318    .2023667    1.206369         -1          8
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   14.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 9957.301603{txt}{col 55}Centered R2   = {res}  0.2155
{txt}Total (uncentered) SS   = {res} 9957.301603{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9946.969704{txt}{col 55}Root MSE      = {res}   1.405

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                   growth4_emp_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.1354832{col 46}{space 2} .1126122{col 57}{space 1}   -1.20{col 66}{space 3}0.230{col 74}{space 4}-.3570266{col 87}{space 3} .0860602
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.1567488{col 46}{space 2} .0784138{col 57}{space 1}   -2.00{col 66}{space 3}0.046{col 74}{space 4}-.3110132{col 87}{space 3}-.0024844
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2}-.0851764{col 46}{space 2} .0131949{col 57}{space 1}   -6.46{col 66}{space 3}0.000{col 74}{space 4}-.1111349{col 87}{space 3}-.0592179
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}      6,318    .2183546     1.41676         -1          9
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   12.32
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 11811.30425{txt}{col 55}Centered R2   = {res}  0.2254
{txt}Total (uncentered) SS   = {res} 11811.30425{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 11706.59558{txt}{col 55}Root MSE      = {res}   1.524

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                   growth5_emp_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0736461{col 46}{space 2} .1211343{col 57}{space 1}   -0.61{col 66}{space 3}0.544{col 74}{space 4}-.3119551{col 87}{space 3}  .164663
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.1520168{col 46}{space 2} .0933209{col 57}{space 1}   -1.63{col 66}{space 3}0.104{col 74}{space 4}-.3356082{col 87}{space 3} .0315746
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2}-.0882898{col 46}{space 2} .0147645{col 57}{space 1}   -5.98{col 66}{space 3}0.000{col 74}{space 4}-.1173362{col 87}{space 3}-.0592435
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}      6,318    .2017336    1.546786         -1        9.6
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}    4.46
{txt}{col 55}Prob > F      = {res}  0.0044
{txt}Total (centered) SS     = {res}  2312.77004{txt}{col 55}Centered R2   = {res}  0.2021
{txt}Total (uncentered) SS   = {res}  2312.77004{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2315.400599{txt}{col 55}Root MSE      = {res}   .6779

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                 growth1_sales_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2} -.032138{col 46}{space 2} .0582079{col 57}{space 1}   -0.55{col 66}{space 3}0.581{col 74}{space 4} -.146651{col 87}{space 3} .0823751
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0321759{col 46}{space 2} .0355138{col 57}{space 1}   -0.91{col 66}{space 3}0.366{col 74}{space 4}-.1020426{col 87}{space 3} .0376908
{txt}{space 16}ln_initial_sales {c |}{col 34}{res}{space 2}-.0159124{col 46}{space 2} .0044372{col 57}{space 1}   -3.59{col 66}{space 3}0.000{col 74}{space 4}-.0246417{col 87}{space 3}-.0071831
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.258
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.238
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.330
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}      6,318    .1065659    .6777742         -1   4.761422
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   10.46
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 8118.422527{txt}{col 55}Centered R2   = {res}  0.2099
{txt}Total (uncentered) SS   = {res} 8118.422527{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 8067.789196{txt}{col 55}Root MSE      = {res}   1.265

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                 growth2_sales_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2} .0368016{col 46}{space 2} .1040274{col 57}{space 1}    0.35{col 66}{space 3}0.724{col 74}{space 4}-.1678529{col 87}{space 3}  .241456
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0593675{col 46}{space 2} .0755165{col 57}{space 1}   -0.79{col 66}{space 3}0.432{col 74}{space 4}-.2079321{col 87}{space 3}  .089197
{txt}{space 16}ln_initial_sales {c |}{col 34}{res}{space 2}-.0504889{col 46}{space 2} .0095652{col 57}{space 1}   -5.28{col 66}{space 3}0.000{col 74}{space 4}-.0693067{col 87}{space 3}-.0316711
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.258
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.238
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.330
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}      6,318    .2284616      1.2714         -1          9
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   12.64
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 15333.46466{txt}{col 55}Centered R2   = {res}  0.2054
{txt}Total (uncentered) SS   = {res} 15333.46466{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 15202.81864{txt}{col 55}Root MSE      = {res}   1.737

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                 growth3_sales_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0465868{col 46}{space 2} .1408017{col 57}{space 1}   -0.33{col 66}{space 3}0.741{col 74}{space 4}-.3235879{col 87}{space 3} .2304142
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0953986{col 46}{space 2} .1051653{col 57}{space 1}   -0.91{col 66}{space 3}0.365{col 74}{space 4}-.3022916{col 87}{space 3} .1114944
{txt}{space 16}ln_initial_sales {c |}{col 34}{res}{space 2}-.0861048{col 46}{space 2} .0141584{col 57}{space 1}   -6.08{col 66}{space 3}0.000{col 74}{space 4}-.1139587{col 87}{space 3}-.0582508
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.258
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.238
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.330
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}      6,318    .3320112    1.740326         -1   12.06833
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   17.81
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22161.48564{txt}{col 55}Centered R2   = {res}  0.2199
{txt}Total (uncentered) SS   = {res} 22161.48564{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 21841.60697{txt}{col 55}Root MSE      = {res}   2.082

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                 growth4_sales_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0399675{col 46}{space 2}  .162044{col 57}{space 1}   -0.25{col 66}{space 3}0.805{col 74}{space 4}-.3587587{col 87}{space 3} .2788237
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.1717748{col 46}{space 2} .1227016{col 57}{space 1}   -1.40{col 66}{space 3}0.162{col 74}{space 4}-.4131672{col 87}{space 3} .0696175
{txt}{space 16}ln_initial_sales {c |}{col 34}{res}{space 2}-.1244292{col 46}{space 2} .0175494{col 57}{space 1}   -7.09{col 66}{space 3}0.000{col 74}{space 4}-.1589543{col 87}{space 3}-.0899041
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.258
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.238
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.330
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}      6,318    .3939448    2.105244         -1    14.1471
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   18.09
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 28104.10189{txt}{col 55}Centered R2   = {res}  0.2243
{txt}Total (uncentered) SS   = {res} 28104.10189{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27691.29106{txt}{col 55}Root MSE      = {res}   2.344

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                 growth5_sales_w{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0651559{col 46}{space 2} .1829908{col 57}{space 1}   -0.36{col 66}{space 3}0.722{col 74}{space 4} -.425156{col 87}{space 3} .2948442
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.1922441{col 46}{space 2} .1404389{col 57}{space 1}   -1.37{col 66}{space 3}0.172{col 74}{space 4}-.4685314{col 87}{space 3} .0840432
{txt}{space 16}ln_initial_sales {c |}{col 34}{res}{space 2} -.142907{col 46}{space 2}  .020007{col 57}{space 1}   -7.14{col 66}{space 3}0.000{col 74}{space 4}-.1822671{col 87}{space 3}-.1035469
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.258
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.238
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.330
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}      6,318    .4079431    2.377152         -1   16.14464
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (patent_scope_z_score_within_art_ lag_app_to_first_action=instrument_lag examiner_scope_toughness_z_score ) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA6.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(patent_scope_z_score_within_art_ lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}    4.96
{txt}{col 55}Prob > F      = {res}  0.0022
{txt}Total (centered) SS     = {res} 149.5610454{txt}{col 55}Centered R2   = {res}  0.2215
{txt}Total (uncentered) SS   = {res} 149.5610454{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 149.3061227{txt}{col 55}Root MSE      = {res}   .1721

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                        survive1{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0010974{col 46}{space 2} .0146953{col 57}{space 1}   -0.07{col 66}{space 3}0.941{col 74}{space 4}-.0300076{col 87}{space 3} .0278127
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0254423{col 46}{space 2}  .009772{col 57}{space 1}   -2.60{col 66}{space 3}0.010{col 74}{space 4}-.0446668{col 87}{space 3}-.0062178
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2} .0052532{col 46}{space 2} .0016717{col 57}{space 1}    3.14{col 66}{space 3}0.002{col 74}{space 4} .0019646{col 87}{space 3} .0085419
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}      6,318     .968661    .1742461          0          1
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}    7.38
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 299.0470662{txt}{col 55}Centered R2   = {res}  0.2193
{txt}Total (uncentered) SS   = {res} 299.0470662{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 298.6505145{txt}{col 55}Root MSE      = {res}   .2434

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                        survive2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0032059{col 46}{space 2}  .022603{col 57}{space 1}   -0.14{col 66}{space 3}0.887{col 74}{space 4}-.0476731{col 87}{space 3} .0412613
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0482583{col 46}{space 2} .0158747{col 57}{space 1}   -3.04{col 66}{space 3}0.003{col 74}{space 4}-.0794889{col 87}{space 3}-.0170278
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2} .0086695{col 46}{space 2} .0024673{col 57}{space 1}    3.51{col 66}{space 3}0.001{col 74}{space 4} .0038155{col 87}{space 3} .0135236
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}      6,318    .9352643    .2460783          0          1
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   10.22
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 447.7803091{txt}{col 55}Centered R2   = {res}  0.2321
{txt}Total (uncentered) SS   = {res} 447.7803091{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 446.5704327{txt}{col 55}Root MSE      = {res}   .2977

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                        survive3{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0200382{col 46}{space 2} .0265253{col 57}{space 1}   -0.76{col 66}{space 3}0.451{col 74}{space 4}-.0722217{col 87}{space 3} .0321453
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0508661{col 46}{space 2} .0171104{col 57}{space 1}   -2.97{col 66}{space 3}0.003{col 74}{space 4}-.0845275{col 87}{space 3}-.0172046
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2} .0143619{col 46}{space 2} .0030955{col 57}{space 1}    4.64{col 66}{space 3}0.000{col 74}{space 4} .0082722{col 87}{space 3} .0204517
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}      6,318    .8974359    .3034127          0          1
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   16.94
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 605.5424472{txt}{col 55}Centered R2   = {res}  0.2390
{txt}Total (uncentered) SS   = {res} 605.5424472{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 605.6767872{txt}{col 55}Root MSE      = {res}   .3467

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                        survive4{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2} -.042237{col 46}{space 2}  .031307{col 57}{space 1}   -1.35{col 66}{space 3}0.178{col 74}{space 4}-.1038278{col 87}{space 3} .0193537
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2}-.0650706{col 46}{space 2}  .019961{col 57}{space 1}   -3.26{col 66}{space 3}0.001{col 74}{space 4}  -.10434{col 87}{space 3}-.0258011
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2} .0225469{col 46}{space 2}  .003448{col 57}{space 1}    6.54{col 66}{space 3}0.000{col 74}{space 4} .0157637{col 87}{space 3} .0293302
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}      6,318    .8521684    .3549611          0          1
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 538 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   325{txt}{col 55}Number of obs = {res}    6318
{txt}{col 55}F(  3,   324) = {res}   27.42
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 779.7377981{txt}{col 55}Centered R2   = {res}  0.2389
{txt}Total (uncentered) SS   = {res} 779.7377981{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  767.759897{txt}{col 55}Root MSE      = {res}   .3903

{txt}{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                        survive5{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
patent_scope_z_score_within_art_ {c |}{col 34}{res}{space 2}-.0058329{col 46}{space 2} .0330066{col 57}{space 1}   -0.18{col 66}{space 3}0.860{col 74}{space 4}-.0707672{col 87}{space 3} .0591014
{txt}{space 9}lag_app_to_first_action {c |}{col 34}{res}{space 2} -.047079{col 46}{space 2} .0231683{col 57}{space 1}   -2.03{col 66}{space 3}0.043{col 74}{space 4}-.0926584{col 87}{space 3}-.0014997
{txt}{space 18}ln_initial_emp {c |}{col 34}{res}{space 2}  .032991{col 46}{space 2} .0037013{col 57}{space 1}    8.91{col 66}{space 3}0.000{col 74}{space 4} .0257094{col 87}{space 3} .0402726
{txt}{hline 33}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  51.302
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  87.226
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  49.333
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}patent_scope_z_score_within_art_ lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag examiner_scope_toughness_z_score
{hline 78}

Absorbed degrees of freedom:
{hline 33}{c TT}{hline 49}{c TRC}
                     Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 33}{c +}{hline 49}{c RT}
                       state_num {c |}           51              51              0     {c |} 
                     ind_year_fe {c |}            0            1225           1225 *   {c |} 
{hline 33}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}      6,318    .8005698    .3996036          0          1
{txt}{browse `"Table_IA6.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA6.txt""':seeout}

{com}. 
. 
. 
. ******************
. *** TABLE IA.7 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_pdif_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA7.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   22.28
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2640.422045{txt}{col 55}Centered R2   = {res}  0.0174
{txt}Total (uncentered) SS   = {res} 2640.422045{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 3077.532824{txt}{col 55}Root MSE      = {res}   .5123

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0780062{col 37}{space 2} .0615605{col 48}{space 1}   -1.27{col 57}{space 3}0.206{col 65}{space 4}-.1990129{col 78}{space 3} .0430005
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0334494{col 37}{space 2} .0153006{col 48}{space 1}   -2.19{col 57}{space 3}0.029{col 65}{space 4}-.0635252{col 78}{space 3}-.0033737
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0229983{col 37}{space 2} .0031343{col 48}{space 1}   -7.34{col 57}{space 3}0.000{col 65}{space 4}-.0291592{col 78}{space 3}-.0168373
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   38.30
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9159.34247{txt}{col 55}Centered R2   = {res}  0.1258
{txt}Total (uncentered) SS   = {res}  9159.34247{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9549.841464{txt}{col 55}Root MSE      = {res}   .9025

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0766829{col 37}{space 2} .1006653{col 48}{space 1}   -0.76{col 57}{space 3}0.447{col 65}{space 4}-.2745561{col 78}{space 3} .1211904
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0828146{col 37}{space 2} .0285321{col 48}{space 1}   -2.90{col 57}{space 3}0.004{col 65}{space 4}-.1388988{col 78}{space 3}-.0267304
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0582486{col 37}{space 2} .0056848{col 48}{space 1}  -10.25{col 57}{space 3}0.000{col 65}{space 4}-.0694229{col 78}{space 3}-.0470742
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   38.44
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  16635.9594{txt}{col 55}Centered R2   = {res}  0.1555
{txt}Total (uncentered) SS   = {res}  16635.9594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16805.10176{txt}{col 55}Root MSE      = {res}   1.197

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0641864{col 37}{space 2} .1255963{col 48}{space 1}   -0.51{col 57}{space 3}0.610{col 65}{space 4}-.3110654{col 78}{space 3} .1826927
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1044242{col 37}{space 2} .0394524{col 48}{space 1}   -2.65{col 57}{space 3}0.008{col 65}{space 4}-.1819739{col 78}{space 3}-.0268745
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0823576{col 37}{space 2} .0080955{col 48}{space 1}  -10.17{col 57}{space 3}0.000{col 65}{space 4}-.0982705{col 78}{space 3}-.0664446
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   35.38
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22464.62229{txt}{col 55}Centered R2   = {res}  0.1797
{txt}Total (uncentered) SS   = {res} 22464.62229{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22215.34126{txt}{col 55}Root MSE      = {res}   1.376

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .044247{col 37}{space 2} .1649694{col 48}{space 1}    0.27{col 57}{space 3}0.789{col 65}{space 4} -.280026{col 78}{space 3} .3685201
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1208585{col 37}{space 2} .0434263{col 48}{space 1}   -2.78{col 57}{space 3}0.006{col 65}{space 4}-.2062196{col 78}{space 3}-.0354973
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0946625{col 37}{space 2} .0095669{col 48}{space 1}   -9.89{col 57}{space 3}0.000{col 65}{space 4}-.1134678{col 78}{space 3}-.0758572
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   34.05
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27282.27927{txt}{col 55}Centered R2   = {res}  0.1316
{txt}Total (uncentered) SS   = {res} 27282.27927{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  28469.3854{txt}{col 55}Root MSE      = {res}   1.558

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1671735{col 37}{space 2}  .170074{col 48}{space 1}    0.98{col 57}{space 3}0.326{col 65}{space 4}-.1671334{col 78}{space 3} .5014805
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1289596{col 37}{space 2} .0498097{col 48}{space 1}   -2.59{col 57}{space 3}0.010{col 65}{space 4}-.2268684{col 78}{space 3}-.0310508
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1016567{col 37}{space 2} .0101876{col 48}{space 1}   -9.98{col 57}{space 3}0.000{col 65}{space 4}-.1216821{col 78}{space 3}-.0816313
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   15.60
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5735.31446{txt}{col 55}Centered R2   = {res}  0.0022
{txt}Total (uncentered) SS   = {res}  5735.31446{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 6766.504563{txt}{col 55}Root MSE      = {res}   .7597

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.1205564{col 37}{space 2} .0899748{col 48}{space 1}   -1.34{col 57}{space 3}0.181{col 65}{space 4}-.2974159{col 78}{space 3}  .056303
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.028824{col 37}{space 2}  .023017{col 48}{space 1}   -1.25{col 57}{space 3}0.211{col 65}{space 4}-.0740674{col 78}{space 3} .0164195
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0253663{col 37}{space 2} .0038569{col 48}{space 1}   -6.58{col 57}{space 3}0.000{col 65}{space 4}-.0329476{col 78}{space 3}-.0177851
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.394
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.432
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   26.30
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19826.90291{txt}{col 55}Centered R2   = {res}  0.1452
{txt}Total (uncentered) SS   = {res} 19826.90291{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 20251.10055{txt}{col 55}Root MSE      = {res}   1.314

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.086975{col 37}{space 2} .1602811{col 48}{space 1}   -0.54{col 57}{space 3}0.588{col 65}{space 4}-.4020325{col 78}{space 3} .2280825
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0811253{col 37}{space 2} .0447612{col 48}{space 1}   -1.81{col 57}{space 3}0.071{col 65}{space 4}-.1691104{col 78}{space 3} .0068597
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0650359{col 37}{space 2} .0074077{col 48}{space 1}   -8.78{col 57}{space 3}0.000{col 65}{space 4}-.0795969{col 78}{space 3} -.050475
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.394
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.432
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   27.69
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 36140.68538{txt}{col 55}Centered R2   = {res}  0.1470
{txt}Total (uncentered) SS   = {res} 36140.68538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 36995.06691{txt}{col 55}Root MSE      = {res}   1.776

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.1252886{col 37}{space 2} .2202163{col 48}{space 1}   -0.57{col 57}{space 3}0.570{col 65}{space 4}-.5581579{col 78}{space 3} .3075807
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1179639{col 37}{space 2} .0611596{col 48}{space 1}   -1.93{col 57}{space 3}0.054{col 65}{space 4}-.2381826{col 78}{space 3} .0022549
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0993088{col 37}{space 2} .0110162{col 48}{space 1}   -9.01{col 57}{space 3}0.000{col 65}{space 4}-.1209627{col 78}{space 3}-.0776548
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.394
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.432
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   33.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 51864.78975{txt}{col 55}Centered R2   = {res}  0.1722
{txt}Total (uncentered) SS   = {res} 51864.78975{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 51528.88233{txt}{col 55}Root MSE      = {res}   2.096

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1033718{col 37}{space 2} .2102026{col 48}{space 1}    0.49{col 57}{space 3}0.623{col 65}{space 4}-.3098142{col 78}{space 3} .5165578
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1704538{col 37}{space 2} .0680351{col 48}{space 1}   -2.51{col 57}{space 3}0.013{col 65}{space 4}-.3041874{col 78}{space 3}-.0367203
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1328209{col 37}{space 2} .0132255{col 48}{space 1}  -10.04{col 57}{space 3}0.000{col 65}{space 4}-.1588178{col 78}{space 3}-.1068241
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.394
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.432
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   36.42
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  67032.7829{txt}{col 55}Centered R2   = {res}  0.1704
{txt}Total (uncentered) SS   = {res}  67032.7829{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 66551.47526{txt}{col 55}Root MSE      = {res}   2.382

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1149837{col 37}{space 2} .2049913{col 48}{space 1}    0.56{col 57}{space 3}0.575{col 65}{space 4}-.2879585{col 78}{space 3}  .517926
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2039065{col 37}{space 2} .0774371{col 48}{space 1}   -2.63{col 57}{space 3}0.009{col 65}{space 4}-.3561211{col 78}{space 3}-.0516918
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1504318{col 37}{space 2} .0144976{col 48}{space 1}  -10.38{col 57}{space 3}0.000{col 65}{space 4}-.1789292{col 78}{space 3}-.1219345
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.394
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.432
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.895
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}

{com}. 
. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_pdif_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA7.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}    5.03
{txt}{col 55}Prob > F      = {res}  0.0019
{txt}Total (centered) SS     = {res} 333.6797015{txt}{col 55}Centered R2   = {res} -0.0502
{txt}Total (uncentered) SS   = {res} 333.6797015{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 415.7058197{txt}{col 55}Root MSE      = {res}   .1883

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0359638{col 37}{space 2} .0191193{col 48}{space 1}   -1.88{col 57}{space 3}0.061{col 65}{space 4}-.0735459{col 78}{space 3} .0016182
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0135432{col 37}{space 2} .0057457{col 48}{space 1}   -2.36{col 57}{space 3}0.019{col 65}{space 4}-.0248374{col 78}{space 3}-.0022491
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0035639{col 37}{space 2} .0011903{col 48}{space 1}    2.99{col 57}{space 3}0.003{col 65}{space 4} .0012242{col 78}{space 3} .0059037
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,671    .9701558    .1701636          0          1
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   11.44
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 682.0908786{txt}{col 55}Centered R2   = {res}  0.1411
{txt}Total (uncentered) SS   = {res} 682.0908786{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 696.6959542{txt}{col 55}Root MSE      = {res}   .2438

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0166645{col 37}{space 2} .0218484{col 48}{space 1}   -0.76{col 57}{space 3}0.446{col 65}{space 4}-.0596109{col 78}{space 3} .0262819
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0305008{col 37}{space 2} .0088086{col 48}{space 1}   -3.46{col 57}{space 3}0.001{col 65}{space 4}-.0478155{col 78}{space 3}-.0131861
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0076398{col 37}{space 2} .0015051{col 48}{space 1}    5.08{col 57}{space 3}0.000{col 65}{space 4} .0046812{col 78}{space 3} .0105984
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,671    .9366542    .2435927          0          1
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   18.33
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1054.978002{txt}{col 55}Centered R2   = {res}  0.1415
{txt}Total (uncentered) SS   = {res} 1054.978002{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1086.303229{txt}{col 55}Root MSE      = {res}   .3044

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0235496{col 37}{space 2} .0268511{col 48}{space 1}   -0.88{col 57}{space 3}0.381{col 65}{space 4}-.0763295{col 78}{space 3} .0292304
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0355124{col 37}{space 2} .0095596{col 48}{space 1}   -3.71{col 57}{space 3}0.000{col 65}{space 4}-.0543033{col 78}{space 3}-.0167214
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0131867{col 37}{space 2}  .001936{col 48}{space 1}    6.81{col 57}{space 3}0.000{col 65}{space 4} .0093811{col 78}{space 3} .0169923
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,671    .8967888    .3042456          0          1
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   24.47
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1391.436165{txt}{col 55}Centered R2   = {res}  0.1474
{txt}Total (uncentered) SS   = {res} 1391.436165{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1438.80372{txt}{col 55}Root MSE      = {res}   .3503

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0283705{col 37}{space 2}  .030998{col 48}{space 1}   -0.92{col 57}{space 3}0.361{col 65}{space 4}-.0893018{col 78}{space 3} .0325608
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.040745{col 37}{space 2} .0107728{col 48}{space 1}   -3.78{col 57}{space 3}0.000{col 65}{space 4}-.0619205{col 78}{space 3}-.0195694
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0182362{col 37}{space 2} .0022364{col 48}{space 1}    8.15{col 57}{space 3}0.000{col 65}{space 4} .0138402{col 78}{space 3} .0226323
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,671    .8557531    .3513528          0          1
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  3,   418) = {res}   33.24
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1745.722879{txt}{col 55}Centered R2   = {res}  0.1671
{txt}Total (uncentered) SS   = {res} 1745.722879{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1759.949699{txt}{col 55}Root MSE      = {res}   .3874

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0219255{col 37}{space 2} .0343483{col 48}{space 1}   -0.64{col 57}{space 3}0.524{col 65}{space 4}-.0894425{col 78}{space 3} .0455916
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0302901{col 37}{space 2} .0125743{col 48}{space 1}   -2.41{col 57}{space 3}0.016{col 65}{space 4}-.0550068{col 78}{space 3}-.0055734
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0242387{col 37}{space 2} .0024324{col 48}{space 1}    9.96{col 57}{space 3}0.000{col 65}{space 4} .0194575{col 78}{space 3} .0290199
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  19.420
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  10.439
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}   8.916
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_pdif_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,671    .8089386    .3931517          0          1
{txt}{browse `"Table_IA7.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA7.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.8 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe techsc_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA8.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   15.85
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1107.315794{txt}{col 55}Centered R2   = {res}  0.4734
{txt}Total (uncentered) SS   = {res} 1107.315794{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1102.894388{txt}{col 55}Root MSE      = {res}   .4756

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0088233{col 37}{space 2} .0258033{col 48}{space 1}    0.34{col 57}{space 3}0.733{col 65}{space 4}-.0419106{col 78}{space 3} .0595571
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0556496{col 37}{space 2} .0239586{col 48}{space 1}   -2.32{col 57}{space 3}0.021{col 65}{space 4}-.1027564{col 78}{space 3}-.0085428
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0280309{col 37}{space 2} .0044013{col 48}{space 1}   -6.37{col 57}{space 3}0.000{col 65}{space 4}-.0366846{col 78}{space 3}-.0193772
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}      9,136    .0637189    .4788091         -1          3
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   26.05
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 3595.885457{txt}{col 55}Centered R2   = {res}  0.4829
{txt}Total (uncentered) SS   = {res} 3595.885457{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 3564.240264{txt}{col 55}Root MSE      = {res}    .855

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0296623{col 37}{space 2} .0516372{col 48}{space 1}    0.57{col 57}{space 3}0.566{col 65}{space 4}-.0718655{col 78}{space 3} .1311902
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1344503{col 37}{space 2} .0446189{col 48}{space 1}   -3.01{col 57}{space 3}0.003{col 65}{space 4}-.2221791{col 78}{space 3}-.0467216
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0706313{col 37}{space 2} .0083491{col 48}{space 1}   -8.46{col 57}{space 3}0.000{col 65}{space 4} -.087047{col 78}{space 3}-.0542156
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}      9,136    .1400174    .8686601         -1          6
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   25.05
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 6516.394006{txt}{col 55}Centered R2   = {res}  0.4810
{txt}Total (uncentered) SS   = {res} 6516.394006{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 6415.070986{txt}{col 55}Root MSE      = {res}   1.147

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0114295{col 37}{space 2} .0663463{col 48}{space 1}   -0.17{col 57}{space 3}0.863{col 65}{space 4} -.141878{col 78}{space 3} .1190191
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1357676{col 37}{space 2} .0582106{col 48}{space 1}   -2.33{col 57}{space 3}0.020{col 65}{space 4}-.2502199{col 78}{space 3}-.0213153
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0984757{col 37}{space 2} .0117744{col 48}{space 1}   -8.36{col 57}{space 3}0.000{col 65}{space 4}-.1216263{col 78}{space 3} -.075325
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}      9,136    .1843874    1.163179         -1          8
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   24.76
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 8960.859076{txt}{col 55}Centered R2   = {res}  0.4896
{txt}Total (uncentered) SS   = {res} 8960.859076{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 8809.112016{txt}{col 55}Root MSE      = {res}   1.344

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0168756{col 37}{space 2} .0764154{col 48}{space 1}    0.22{col 57}{space 3}0.825{col 65}{space 4}-.1333706{col 78}{space 3} .1671217
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1555211{col 37}{space 2} .0668762{col 48}{space 1}   -2.33{col 57}{space 3}0.021{col 65}{space 4}-.2870116{col 78}{space 3}-.0240306
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1132454{col 37}{space 2} .0135962{col 48}{space 1}   -8.33{col 57}{space 3}0.000{col 65}{space 4}-.1399779{col 78}{space 3}-.0865129
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}      9,136     .207312    1.374564         -1          9
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   23.50
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 11034.47056{txt}{col 55}Centered R2   = {res}  0.4875
{txt}Total (uncentered) SS   = {res} 11034.47056{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 10849.33564{txt}{col 55}Root MSE      = {res}   1.492

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0084866{col 37}{space 2} .0897957{col 48}{space 1}    0.09{col 57}{space 3}0.925{col 65}{space 4}-.1680678{col 78}{space 3} .1850409
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1857529{col 37}{space 2}  .071546{col 48}{space 1}   -2.60{col 57}{space 3}0.010{col 65}{space 4} -.326425{col 78}{space 3}-.0450809
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1232346{col 37}{space 2} .0150027{col 48}{space 1}   -8.21{col 57}{space 3}0.000{col 65}{space 4}-.1527325{col 78}{space 3}-.0937367
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}      9,136    .2016713    1.522236         -1        9.6
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   11.10
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2368.503139{txt}{col 55}Centered R2   = {res}  0.4655
{txt}Total (uncentered) SS   = {res} 2368.503139{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  2357.37154{txt}{col 55}Root MSE      = {res}   .6953

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0023034{col 37}{space 2} .0412872{col 48}{space 1}   -0.06{col 57}{space 3}0.956{col 65}{space 4}-.0834813{col 78}{space 3} .0788745
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0548195{col 37}{space 2} .0348328{col 48}{space 1}   -1.57{col 57}{space 3}0.116{col 65}{space 4} -.123307{col 78}{space 3}  .013668
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0299232{col 37}{space 2} .0055267{col 48}{space 1}   -5.41{col 57}{space 3}0.000{col 65}{space 4}-.0407897{col 78}{space 3}-.0190568
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.765
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.861
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  24.107
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}      9,136    .1082464    .6948679         -1   4.761422
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   20.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 7773.359087{txt}{col 55}Centered R2   = {res}  0.4907
{txt}Total (uncentered) SS   = {res} 7773.359087{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7737.593019{txt}{col 55}Root MSE      = {res}    1.26

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0404603{col 37}{space 2} .0759389{col 48}{space 1}    0.53{col 57}{space 3}0.594{col 65}{space 4} -.108849{col 78}{space 3} .1897697
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1928522{col 37}{space 2} .0681739{col 48}{space 1}   -2.83{col 57}{space 3}0.005{col 65}{space 4}-.3268941{col 78}{space 3}-.0588103
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.078476{col 37}{space 2} .0105125{col 48}{space 1}   -7.47{col 57}{space 3}0.000{col 65}{space 4}-.0991454{col 78}{space 3}-.0578066
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.765
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.861
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  24.107
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}      9,136     .232761    1.289565         -1          9
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   21.53
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 14576.10022{txt}{col 55}Centered R2   = {res}  0.4865
{txt}Total (uncentered) SS   = {res} 14576.10022{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 14398.89282{txt}{col 55}Root MSE      = {res}   1.718

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0019944{col 37}{space 2}  .102007{col 48}{space 1}   -0.02{col 57}{space 3}0.984{col 65}{space 4}-.2025582{col 78}{space 3} .1985693
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.238007{col 37}{space 2} .0914539{col 48}{space 1}   -2.60{col 57}{space 3}0.010{col 65}{space 4}-.4178215{col 78}{space 3}-.0581925
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1156659{col 37}{space 2} .0154872{col 48}{space 1}   -7.47{col 57}{space 3}0.000{col 65}{space 4}-.1461165{col 78}{space 3}-.0852154
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.765
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.861
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  24.107
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}      9,136    .3291702    1.752108         -1   12.06833
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   26.58
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 21456.73223{txt}{col 55}Centered R2   = {res}  0.4868
{txt}Total (uncentered) SS   = {res} 21456.73223{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 21238.41967{txt}{col 55}Root MSE      = {res}   2.087

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0799763{col 37}{space 2} .1250586{col 48}{space 1}    0.64{col 57}{space 3}0.523{col 65}{space 4}-.1659111{col 78}{space 3} .3258636
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.3055363{col 37}{space 2} .1100374{col 48}{space 1}   -2.78{col 57}{space 3}0.006{col 65}{space 4}-.5218893{col 78}{space 3}-.0891834
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1524647{col 37}{space 2} .0178295{col 48}{space 1}   -8.55{col 57}{space 3}0.000{col 65}{space 4}-.1875206{col 78}{space 3}-.1174088
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.765
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.861
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  24.107
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}      9,136    .4054227      2.1284         -1    14.1471
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   27.53
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27375.21688{txt}{col 55}Centered R2   = {res}  0.4924
{txt}Total (uncentered) SS   = {res} 27375.21688{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 26943.30408{txt}{col 55}Root MSE      = {res}   2.351

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0436575{col 37}{space 2} .1400542{col 48}{space 1}    0.31{col 57}{space 3}0.755{col 65}{space 4}-.2317138{col 78}{space 3} .3190288
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.3972889{col 37}{space 2} .1236735{col 48}{space 1}   -3.21{col 57}{space 3}0.001{col 65}{space 4} -.640453{col 78}{space 3}-.1541248
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1766595{col 37}{space 2} .0203213{col 48}{space 1}   -8.69{col 57}{space 3}0.000{col 65}{space 4}-.2166148{col 78}{space 3}-.1367042
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.765
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.861
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  24.107
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}      9,136    .4369379      2.4106         -1   16.14464
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe techsc_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA8.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}    0.90
{txt}{col 55}Prob > F      = {res}  0.4411
{txt}Total (centered) SS     = {res} 139.3868665{txt}{col 55}Centered R2   = {res}  0.4573
{txt}Total (uncentered) SS   = {res} 139.3868665{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 139.6533743{txt}{col 55}Root MSE      = {res}   .1692

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0011903{col 37}{space 2} .0106275{col 48}{space 1}    0.11{col 57}{space 3}0.911{col 65}{space 4}-.0197052{col 78}{space 3} .0220858
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0110429{col 37}{space 2} .0086436{col 48}{space 1}   -1.28{col 57}{space 3}0.202{col 65}{space 4}-.0280378{col 78}{space 3} .0059519
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0014902{col 37}{space 2} .0016393{col 48}{space 1}    0.91{col 57}{space 3}0.364{col 65}{space 4}-.0017329{col 78}{space 3} .0047133
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}      9,136    .9709939    .1678328          0          1
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}    3.06
{txt}{col 55}Prob > F      = {res}  0.0283
{txt}Total (centered) SS     = {res} 278.5869594{txt}{col 55}Centered R2   = {res}  0.4658
{txt}Total (uncentered) SS   = {res} 278.5869594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 281.2633287{txt}{col 55}Root MSE      = {res}   .2402

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0036885{col 37}{space 2} .0146698{col 48}{space 1}    0.25{col 57}{space 3}0.802{col 65}{space 4} -.025155{col 78}{space 3} .0325319
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0335811{col 37}{space 2}  .013541{col 48}{space 1}   -2.48{col 57}{space 3}0.014{col 65}{space 4}-.0602052{col 78}{space 3} -.006957
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .002624{col 37}{space 2} .0022716{col 48}{space 1}    1.16{col 57}{space 3}0.249{col 65}{space 4}-.0018423{col 78}{space 3} .0070903
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}      9,136    .9385946    .2400856          0          1
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}    6.15
{txt}{col 55}Prob > F      = {res}  0.0004
{txt}Total (centered) SS     = {res} 437.3425495{txt}{col 55}Centered R2   = {res}  0.4724
{txt}Total (uncentered) SS   = {res} 437.3425495{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 440.6910699{txt}{col 55}Root MSE      = {res}   .3006

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0064115{col 37}{space 2} .0199033{col 48}{space 1}   -0.32{col 57}{space 3}0.748{col 65}{space 4} -.045545{col 78}{space 3}  .032722
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0489917{col 37}{space 2} .0148952{col 48}{space 1}   -3.29{col 57}{space 3}0.001{col 65}{space 4}-.0782782{col 78}{space 3}-.0197051
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .007553{col 37}{space 2} .0029735{col 48}{space 1}    2.54{col 57}{space 3}0.011{col 65}{space 4} .0017067{col 78}{space 3} .0133994
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}      9,136    .8982049    .3023952          0          1
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}    7.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 576.9325714{txt}{col 55}Centered R2   = {res}  0.4864
{txt}Total (uncentered) SS   = {res} 576.9325714{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 579.9757437{txt}{col 55}Root MSE      = {res}   .3449

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0006008{col 37}{space 2} .0214399{col 48}{space 1}   -0.03{col 57}{space 3}0.978{col 65}{space 4}-.0427554{col 78}{space 3} .0415539
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0551246{col 37}{space 2} .0163399{col 48}{space 1}   -3.37{col 57}{space 3}0.001{col 65}{space 4}-.0872517{col 78}{space 3}-.0229976
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0126851{col 37}{space 2} .0035265{col 48}{space 1}    3.60{col 57}{space 3}0.000{col 65}{space 4} .0057513{col 78}{space 3} .0196188
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}      9,136    .8555166    .3515984          0          1
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 5018 singleton observations)
{res}{txt}(converged in 55 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   384{txt}{col 55}Number of obs = {res}    9136
{txt}{col 55}F(  3,   383) = {res}   10.21
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 732.3218424{txt}{col 55}Centered R2   = {res}  0.4771
{txt}Total (uncentered) SS   = {res} 732.3218424{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 740.0944134{txt}{col 55}Root MSE      = {res}   .3896

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0234781{col 37}{space 2} .0230898{col 48}{space 1}   -1.02{col 57}{space 3}0.310{col 65}{space 4}-.0688769{col 78}{space 3} .0219206
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0322475{col 37}{space 2} .0189993{col 48}{space 1}   -1.70{col 57}{space 3}0.090{col 65}{space 4}-.0696035{col 78}{space 3} .0051084
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0201785{col 37}{space 2} .0038441{col 48}{space 1}    5.25{col 57}{space 3}0.000{col 65}{space 4} .0126203{col 78}{space 3} .0277367
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  47.639
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.797
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  23.995
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1575           1575 *   {c |} 
         techsc_year_fe {c |}         2631            2632              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}      9,136    .8083406     .393628          0          1
{txt}{browse `"Table_IA8.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA8.txt""':seeout}

{com}. 
. 
. ******************
. *** TABLE IA.9 ***
. ******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & rce==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA9.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   17.82
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1824.528742{txt}{col 55}Centered R2   = {res}  0.1748
{txt}Total (uncentered) SS   = {res} 1824.528742{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1818.166882{txt}{col 55}Root MSE      = {res}   .4641

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0069963{col 37}{space 2} .0190534{col 48}{space 1}   -0.37{col 57}{space 3}0.714{col 65}{space 4}-.0444658{col 78}{space 3} .0304733
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0263343{col 37}{space 2} .0171262{col 48}{space 1}   -1.54{col 57}{space 3}0.125{col 65}{space 4}-.0600139{col 78}{space 3} .0073454
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0245685{col 37}{space 2} .0034073{col 48}{space 1}   -7.21{col 57}{space 3}0.000{col 65}{space 4}-.0312692{col 78}{space 3}-.0178679
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}      9,965    .0577625    .4702499         -1          3
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   26.90
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 6315.264773{txt}{col 55}Centered R2   = {res}  0.1740
{txt}Total (uncentered) SS   = {res} 6315.264773{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 6262.492034{txt}{col 55}Root MSE      = {res}   .8613

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0328855{col 37}{space 2} .0322245{col 48}{space 1}    1.02{col 57}{space 3}0.308{col 65}{space 4}-.0304858{col 78}{space 3} .0962569
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0826584{col 37}{space 2} .0330746{col 48}{space 1}   -2.50{col 57}{space 3}0.013{col 65}{space 4}-.1477015{col 78}{space 3}-.0176154
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0577992{col 37}{space 2} .0065232{col 48}{space 1}   -8.86{col 57}{space 3}0.000{col 65}{space 4}-.0706273{col 78}{space 3} -.044971
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}      9,965    .1302835    .8722912         -1          6
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   26.18
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 11095.81941{txt}{col 55}Centered R2   = {res}  0.1734
{txt}Total (uncentered) SS   = {res} 11095.81941{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 10967.14026{txt}{col 55}Root MSE      = {res}    1.14

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0217135{col 37}{space 2} .0391968{col 48}{space 1}    0.55{col 57}{space 3}0.580{col 65}{space 4}-.0553693{col 78}{space 3} .0987963
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0963806{col 37}{space 2} .0462773{col 48}{space 1}   -2.08{col 57}{space 3}0.038{col 65}{space 4}-.1873875{col 78}{space 3}-.0053737
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0738968{col 37}{space 2} .0084461{col 48}{space 1}   -8.75{col 57}{space 3}0.000{col 65}{space 4}-.0905065{col 78}{space 3}-.0572871
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}      9,965    .1684601    1.153959         -1          8
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   22.22
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 14714.74138{txt}{col 55}Centered R2   = {res}  0.1783
{txt}Total (uncentered) SS   = {res} 14714.74138{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 14610.45566{txt}{col 55}Root MSE      = {res}   1.316

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0564028{col 37}{space 2}  .049642{col 48}{space 1}    1.14{col 57}{space 3}0.257{col 65}{space 4}-.0412211{col 78}{space 3} .1540267
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1027486{col 37}{space 2} .0535509{col 48}{space 1}   -1.92{col 57}{space 3}0.056{col 65}{space 4}-.2080594{col 78}{space 3} .0025622
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0819716{col 37}{space 2} .0104621{col 48}{space 1}   -7.84{col 57}{space 3}0.000{col 65}{space 4}-.1025458{col 78}{space 3}-.0613973
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}      9,965    .1876565     1.33589         -1          9
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   21.80
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 17825.14478{txt}{col 55}Centered R2   = {res}  0.1743
{txt}Total (uncentered) SS   = {res} 17825.14478{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 17734.06939{txt}{col 55}Root MSE      = {res}   1.449

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0648555{col 37}{space 2}  .054277{col 48}{space 1}    1.19{col 57}{space 3}0.233{col 65}{space 4}-.0418834{col 78}{space 3} .1715944
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1244656{col 37}{space 2} .0590586{col 48}{space 1}   -2.11{col 57}{space 3}0.036{col 65}{space 4}-.2406077{col 78}{space 3}-.0083235
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0865527{col 37}{space 2} .0111735{col 48}{space 1}   -7.75{col 57}{space 3}0.000{col 65}{space 4} -.108526{col 78}{space 3}-.0645794
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}      9,965    .1815227    1.468195         -1        9.6
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   13.69
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 4084.368626{txt}{col 55}Centered R2   = {res}  0.1734
{txt}Total (uncentered) SS   = {res} 4084.368626{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  4059.95163{txt}{col 55}Root MSE      = {res}   .6935

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0043498{col 37}{space 2} .0317187{col 48}{space 1}    0.14{col 57}{space 3}0.891{col 65}{space 4}-.0580268{col 78}{space 3} .0667265
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0232861{col 37}{space 2} .0279949{col 48}{space 1}   -0.83{col 57}{space 3}0.406{col 65}{space 4}-.0783398{col 78}{space 3} .0317675
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.026963{col 37}{space 2} .0043122{col 48}{space 1}   -6.25{col 57}{space 3}0.000{col 65}{space 4}-.0354431{col 78}{space 3}-.0184828
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.351
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.949
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}      9,965    .1062486    .7020851         -1   4.761422
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   20.73
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 13499.85514{txt}{col 55}Centered R2   = {res}  0.1789
{txt}Total (uncentered) SS   = {res} 13499.85514{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 13480.17942{txt}{col 55}Root MSE      = {res}   1.264

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0591193{col 37}{space 2} .0518064{col 48}{space 1}    1.14{col 57}{space 3}0.255{col 65}{space 4}-.0427611{col 78}{space 3} .1609996
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0808342{col 37}{space 2} .0536342{col 48}{space 1}   -1.51{col 57}{space 3}0.133{col 65}{space 4}-.1863089{col 78}{space 3} .0246405
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0620956{col 37}{space 2} .0081463{col 48}{space 1}   -7.62{col 57}{space 3}0.000{col 65}{space 4}-.0781158{col 78}{space 3}-.0460754
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.351
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.949
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}      9,965    .2241259    1.283579         -1          9
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   22.00
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 24194.73799{txt}{col 55}Centered R2   = {res}  0.1907
{txt}Total (uncentered) SS   = {res} 24194.73799{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 23956.48868{txt}{col 55}Root MSE      = {res}   1.685

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0411589{col 37}{space 2} .0653311{col 48}{space 1}    0.63{col 57}{space 3}0.529{col 65}{space 4}-.0873185{col 78}{space 3} .1696363
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0862947{col 37}{space 2} .0707952{col 48}{space 1}   -1.22{col 57}{space 3}0.224{col 65}{space 4}-.2255174{col 78}{space 3}  .052928
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0900713{col 37}{space 2} .0113547{col 48}{space 1}   -7.93{col 57}{space 3}0.000{col 65}{space 4}-.1124011{col 78}{space 3}-.0677416
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.351
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.949
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}      9,965    .3175941    1.723616         -1   12.06833
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   26.68
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 34453.46429{txt}{col 55}Centered R2   = {res}  0.1920
{txt}Total (uncentered) SS   = {res} 34453.46429{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 34129.13276{txt}{col 55}Root MSE      = {res}   2.011

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0868195{col 37}{space 2} .0752122{col 48}{space 1}    1.15{col 57}{space 3}0.249{col 65}{space 4}-.0610896{col 78}{space 3} .2347286
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1418312{col 37}{space 2} .0829924{col 48}{space 1}   -1.71{col 57}{space 3}0.088{col 65}{space 4}-.3050405{col 78}{space 3} .0213781
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1207306{col 37}{space 2} .0141789{col 48}{space 1}   -8.51{col 57}{space 3}0.000{col 65}{space 4}-.1486143{col 78}{space 3}-.0928469
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.351
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.949
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}      9,965    .3816628    2.058888         -1    14.1471
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   29.26
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 44538.93633{txt}{col 55}Centered R2   = {res}  0.1921
{txt}Total (uncentered) SS   = {res} 44538.93633{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 44056.55572{txt}{col 55}Root MSE      = {res}   2.285

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0861814{col 37}{space 2} .0839626{col 48}{space 1}    1.03{col 57}{space 3}0.305{col 65}{space 4}-.0789358{col 78}{space 3} .2512986
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1691934{col 37}{space 2} .0930785{col 48}{space 1}   -1.82{col 57}{space 3}0.070{col 65}{space 4}-.3522375{col 78}{space 3} .0138507
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1361732{col 37}{space 2} .0152002{col 48}{space 1}   -8.96{col 57}{space 3}0.000{col 65}{space 4}-.1660653{col 78}{space 3}-.1062811
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.079
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.351
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  43.949
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}      9,965     .411377    2.339481         -1   16.14464
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & rce==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA9.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}    2.30
{txt}{col 55}Prob > F      = {res}  0.0766
{txt}Total (centered) SS     = {res} 241.3921139{txt}{col 55}Centered R2   = {res}  0.1610
{txt}Total (uncentered) SS   = {res} 241.3921139{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 241.7633993{txt}{col 55}Root MSE      = {res}   .1692

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.004252{col 37}{space 2} .0069016{col 48}{space 1}   -0.62{col 57}{space 3}0.538{col 65}{space 4}-.0178244{col 78}{space 3} .0093204
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0133743{col 37}{space 2}  .006448{col 48}{space 1}   -2.07{col 57}{space 3}0.039{col 65}{space 4}-.0260546{col 78}{space 3} -.000694
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .002368{col 37}{space 2} .0012045{col 48}{space 1}    1.97{col 57}{space 3}0.050{col 65}{space 4}-6.99e-07{col 78}{space 3} .0047368
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}      9,965    .9701957    .1700556          0          1
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}    7.65
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 494.8061633{txt}{col 55}Centered R2   = {res}  0.1638
{txt}Total (uncentered) SS   = {res} 494.8061633{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 497.1799972{txt}{col 55}Root MSE      = {res}   .2427

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0045024{col 37}{space 2}  .009516{col 48}{space 1}    0.47{col 57}{space 3}0.636{col 65}{space 4}-.0142114{col 78}{space 3} .0232163
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0358496{col 37}{space 2} .0105489{col 48}{space 1}   -3.40{col 57}{space 3}0.001{col 65}{space 4}-.0565947{col 78}{space 3}-.0151046
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0064068{col 37}{space 2} .0016928{col 48}{space 1}    3.78{col 57}{space 3}0.000{col 65}{space 4} .0030778{col 78}{space 3} .0097358
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}      9,965     .936277    .2442711          0          1
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   15.00
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  759.416239{txt}{col 55}Centered R2   = {res}  0.1776
{txt}Total (uncentered) SS   = {res}  759.416239{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 759.4728994{txt}{col 55}Root MSE      = {res}      .3

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0064329{col 37}{space 2} .0119738{col 48}{space 1}   -0.54{col 57}{space 3}0.591{col 65}{space 4}  -.02998{col 78}{space 3} .0171142
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0365156{col 37}{space 2}  .011933{col 48}{space 1}   -3.06{col 57}{space 3}0.002{col 65}{space 4}-.0599825{col 78}{space 3}-.0130487
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130089{col 37}{space 2} .0020297{col 48}{space 1}    6.41{col 57}{space 3}0.000{col 65}{space 4} .0090175{col 78}{space 3} .0170004
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}      9,965    .8966382    .3044461          0          1
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   20.76
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 995.6751766{txt}{col 55}Centered R2   = {res}  0.1835
{txt}Total (uncentered) SS   = {res} 995.6751766{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 997.0688457{txt}{col 55}Root MSE      = {res}   .3437

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0094962{col 37}{space 2}   .01309{col 48}{space 1}   -0.73{col 57}{space 3}0.469{col 65}{space 4}-.0352385{col 78}{space 3} .0162462
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0447376{col 37}{space 2} .0137758{col 48}{space 1}   -3.25{col 57}{space 3}0.001{col 65}{space 4}-.0718286{col 78}{space 3}-.0176466
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0191205{col 37}{space 2} .0024678{col 48}{space 1}    7.75{col 57}{space 3}0.000{col 65}{space 4} .0142674{col 78}{space 3} .0239736
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}      9,965    .8569995    .3500909          0          1
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 550 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   362{txt}{col 55}Number of obs = {res}    9965
{txt}{col 55}F(  3,   361) = {res}   25.93
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1237.724818{txt}{col 55}Centered R2   = {res}  0.1783
{txt}Total (uncentered) SS   = {res} 1237.724818{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1243.54748{txt}{col 55}Root MSE      = {res}   .3838

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0184506{col 37}{space 2} .0145198{col 48}{space 1}   -1.27{col 57}{space 3}0.205{col 65}{space 4}-.0470046{col 78}{space 3} .0101034
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0332092{col 37}{space 2} .0166823{col 48}{space 1}   -1.99{col 57}{space 3}0.047{col 65}{space 4}-.0660158{col 78}{space 3}-.0004025
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0242681{col 37}{space 2} .0028005{col 48}{space 1}    8.67{col 57}{space 3}0.000{col 65}{space 4} .0187607{col 78}{space 3} .0297754
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.185
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  71.311
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  44.082
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1470           1470 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}      9,965    .8132464    .3897332          0          1
{txt}{browse `"Table_IA9.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA9.txt""':seeout}

{com}. 
. 
. *******************
. *** TABLE IA.10 ***
. *******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & continuation_child==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA10.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   21.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2238.021419{txt}{col 55}Centered R2   = {res}  0.1701
{txt}Total (uncentered) SS   = {res} 2238.021419{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2243.773208{txt}{col 55}Root MSE      = {res}   .4721

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0171892{col 37}{space 2} .0221634{col 48}{space 1}   -0.78{col 57}{space 3}0.438{col 65}{space 4}-.0607599{col 78}{space 3} .0263815
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0393535{col 37}{space 2} .0168139{col 48}{space 1}   -2.34{col 57}{space 3}0.020{col 65}{space 4}-.0724077{col 78}{space 3}-.0062993
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0220184{col 37}{space 2} .0028393{col 48}{space 1}   -7.75{col 57}{space 3}0.000{col 65}{space 4}-.0276001{col 78}{space 3}-.0164366
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     11,884    .0652905    .4769847         -1          3
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   33.28
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 7674.152592{txt}{col 55}Centered R2   = {res}  0.1797
{txt}Total (uncentered) SS   = {res} 7674.152592{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7601.131987{txt}{col 55}Root MSE      = {res}   .8689

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .000152{col 37}{space 2} .0364466{col 48}{space 1}    0.00{col 57}{space 3}0.997{col 65}{space 4}-.0714976{col 78}{space 3} .0718017
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0964625{col 37}{space 2} .0309373{col 48}{space 1}   -3.12{col 57}{space 3}0.002{col 65}{space 4}-.1572815{col 78}{space 3}-.0356435
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0553003{col 37}{space 2} .0057024{col 48}{space 1}   -9.70{col 57}{space 3}0.000{col 65}{space 4}-.0665104{col 78}{space 3}-.0440901
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     11,884    .1441486    .8830693         -1          6
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   34.08
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 13976.13628{txt}{col 55}Centered R2   = {res}  0.1849
{txt}Total (uncentered) SS   = {res} 13976.13628{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 13855.09583{txt}{col 55}Root MSE      = {res}   1.173

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0211706{col 37}{space 2} .0453704{col 48}{space 1}   -0.47{col 57}{space 3}0.641{col 65}{space 4}-.1103635{col 78}{space 3} .0680223
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1285142{col 37}{space 2} .0425321{col 48}{space 1}   -3.02{col 57}{space 3}0.003{col 65}{space 4}-.2121272{col 78}{space 3}-.0449012
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0778451{col 37}{space 2} .0079029{col 48}{space 1}   -9.85{col 57}{space 3}0.000{col 65}{space 4}-.0933813{col 78}{space 3} -.062309
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     11,884     .195413    1.196031         -1          8
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   31.65
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 18935.30107{txt}{col 55}Centered R2   = {res}  0.1962
{txt}Total (uncentered) SS   = {res} 18935.30107{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18733.29145{txt}{col 55}Root MSE      = {res}   1.364

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0323402{col 37}{space 2} .0552823{col 48}{space 1}    0.59{col 57}{space 3}0.559{col 65}{space 4}-.0763383{col 78}{space 3} .1410188
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1550184{col 37}{space 2} .0484381{col 48}{space 1}   -3.20{col 57}{space 3}0.001{col 65}{space 4} -.250242{col 78}{space 3}-.0597948
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0891436{col 37}{space 2} .0094983{col 48}{space 1}   -9.39{col 57}{space 3}0.000{col 65}{space 4}-.1078162{col 78}{space 3} -.070471
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     11,884    .2217835    1.400435         -1          9
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   30.83
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 23073.33289{txt}{col 55}Centered R2   = {res}  0.1924
{txt}Total (uncentered) SS   = {res} 23073.33289{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22878.71782{txt}{col 55}Root MSE      = {res}   1.507

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0490011{col 37}{space 2} .0635641{col 48}{space 1}    0.77{col 57}{space 3}0.441{col 65}{space 4}-.0759585{col 78}{space 3} .1739607
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1511996{col 37}{space 2} .0531747{col 48}{space 1}   -2.84{col 57}{space 3}0.005{col 65}{space 4}-.2557349{col 78}{space 3}-.0466644
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} -.096484{col 37}{space 2} .0103141{col 48}{space 1}   -9.35{col 57}{space 3}0.000{col 65}{space 4}-.1167603{col 78}{space 3}-.0762078
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     11,884     .218366    1.544056         -1        9.6
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   18.55
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 4972.853295{txt}{col 55}Centered R2   = {res}  0.1727
{txt}Total (uncentered) SS   = {res} 4972.853295{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 4949.268636{txt}{col 55}Root MSE      = {res}   .7011

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0014157{col 37}{space 2} .0339254{col 48}{space 1}   -0.04{col 57}{space 3}0.967{col 65}{space 4} -.068109{col 78}{space 3} .0652775
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0324707{col 37}{space 2} .0251608{col 48}{space 1}   -1.29{col 57}{space 3}0.198{col 65}{space 4} -.081934{col 78}{space 3} .0169925
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0254359{col 37}{space 2} .0034472{col 48}{space 1}   -7.38{col 57}{space 3}0.000{col 65}{space 4}-.0322127{col 78}{space 3} -.018659
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.114
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.327
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.158
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     11,884     .113326    .7095369         -1   4.761422
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   24.71
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 17024.50864{txt}{col 55}Centered R2   = {res}  0.1728
{txt}Total (uncentered) SS   = {res} 17024.50864{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}   16955.069{txt}{col 55}Root MSE      = {res}   1.298

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .041631{col 37}{space 2} .0552872{col 48}{space 1}    0.75{col 57}{space 3}0.452{col 65}{space 4}-.0670572{col 78}{space 3} .1503192
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1170839{col 37}{space 2} .0479362{col 48}{space 1}   -2.44{col 57}{space 3}0.015{col 65}{space 4}-.2113208{col 78}{space 3} -.022847
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0637632{col 37}{space 2} .0075978{col 48}{space 1}   -8.39{col 57}{space 3}0.000{col 65}{space 4}-.0786995{col 78}{space 3}-.0488268
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.114
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.327
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.158
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     11,884    .2416975    1.313328         -1          9
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   26.55
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 31097.12514{txt}{col 55}Centered R2   = {res}  0.1827
{txt}Total (uncentered) SS   = {res} 31097.12514{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 30771.09075{txt}{col 55}Root MSE      = {res}   1.748

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0229435{col 37}{space 2} .0694162{col 48}{space 1}    0.33{col 57}{space 3}0.741{col 65}{space 4}-.1135207{col 78}{space 3} .1594076
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1762712{col 37}{space 2} .0647246{col 48}{space 1}   -2.72{col 57}{space 3}0.007{col 65}{space 4}-.3035122{col 78}{space 3}-.0490301
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0956444{col 37}{space 2} .0109354{col 48}{space 1}   -8.75{col 57}{space 3}0.000{col 65}{space 4}-.1171421{col 78}{space 3}-.0741467
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.114
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.327
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.158
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     11,884    .3442876    1.779969         -1   12.06833
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   31.77
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 44878.64028{txt}{col 55}Centered R2   = {res}  0.1838
{txt}Total (uncentered) SS   = {res} 44878.64028{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 44532.01062{txt}{col 55}Root MSE      = {res}   2.103

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0872792{col 37}{space 2} .0809127{col 48}{space 1}    1.08{col 57}{space 3}0.281{col 65}{space 4}-.0717858{col 78}{space 3} .2463441
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2455246{col 37}{space 2} .0754235{col 48}{space 1}   -3.26{col 57}{space 3}0.001{col 65}{space 4}-.3937983{col 78}{space 3}-.0972509
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1275016{col 37}{space 2} .0134582{col 48}{space 1}   -9.47{col 57}{space 3}0.000{col 65}{space 4}-.1539589{col 78}{space 3}-.1010443
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.114
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.327
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.158
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     11,884    .4188937    2.142744         -1    14.1471
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   32.95
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  57911.4648{txt}{col 55}Centered R2   = {res}  0.1861
{txt}Total (uncentered) SS   = {res}  57911.4648{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 57349.46089{txt}{col 55}Root MSE      = {res}   2.387

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}   .09151{col 37}{space 2} .0951571{col 48}{space 1}    0.96{col 57}{space 3}0.337{col 65}{space 4}-.0955577{col 78}{space 3} .2785778
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2734387{col 37}{space 2} .0836063{col 48}{space 1}   -3.27{col 57}{space 3}0.001{col 65}{space 4} -.437799{col 78}{space 3}-.1090784
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1491744{col 37}{space 2} .0152932{col 48}{space 1}   -9.75{col 57}{space 3}0.000{col 65}{space 4} -.179239{col 78}{space 3}-.1191099
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.114
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.327
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.158
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     11,884    .4520844    2.435127         -1   16.14464
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & continuation_child==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA10.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}    5.22
{txt}{col 55}Prob > F      = {res}  0.0015
{txt}Total (centered) SS     = {res} 279.6067365{txt}{col 55}Centered R2   = {res}  0.1573
{txt}Total (uncentered) SS   = {res} 279.6067365{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 281.4896091{txt}{col 55}Root MSE      = {res}   .1672

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0070541{col 37}{space 2} .0077822{col 48}{space 1}   -0.91{col 57}{space 3}0.365{col 65}{space 4}-.0223529{col 78}{space 3} .0082447
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0163653{col 37}{space 2} .0061358{col 48}{space 1}   -2.67{col 57}{space 3}0.008{col 65}{space 4}-.0284275{col 78}{space 3} -.004303
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0034772{col 37}{space 2} .0011345{col 48}{space 1}    3.07{col 57}{space 3}0.002{col 65}{space 4}  .001247{col 78}{space 3} .0057075
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     11,884    .9710535    .1676632          0          1
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}    9.70
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 566.1612115{txt}{col 55}Centered R2   = {res}  0.1694
{txt}Total (uncentered) SS   = {res} 566.1612115{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 566.2040392{txt}{col 55}Root MSE      = {res}   .2371

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0007958{col 37}{space 2} .0104278{col 48}{space 1}   -0.08{col 57}{space 3}0.939{col 65}{space 4}-.0212957{col 78}{space 3} .0197041
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0331146{col 37}{space 2} .0097229{col 48}{space 1}   -3.41{col 57}{space 3}0.001{col 65}{space 4}-.0522287{col 78}{space 3}-.0140006
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .007095{col 37}{space 2} .0016147{col 48}{space 1}    4.39{col 57}{space 3}0.000{col 65}{space 4} .0039206{col 78}{space 3} .0102694
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     11,884    .9389095    .2395064          0          1
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   17.49
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 879.8058358{txt}{col 55}Centered R2   = {res}  0.1744
{txt}Total (uncentered) SS   = {res} 879.8058358{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 880.8016192{txt}{col 55}Root MSE      = {res}   .2958

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0071251{col 37}{space 2}  .012704{col 48}{space 1}   -0.56{col 57}{space 3}0.575{col 65}{space 4}-.0320998{col 78}{space 3} .0178495
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.042847{col 37}{space 2} .0107601{col 48}{space 1}   -3.98{col 57}{space 3}0.000{col 65}{space 4}-.0640001{col 78}{space 3}-.0216938
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130714{col 37}{space 2}  .002043{col 48}{space 1}    6.40{col 57}{space 3}0.000{col 65}{space 4} .0090551{col 78}{space 3} .0170877
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     11,884    .9002861    .2996308          0          1
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   25.03
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1162.812106{txt}{col 55}Centered R2   = {res}  0.1837
{txt}Total (uncentered) SS   = {res} 1162.812106{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1164.618364{txt}{col 55}Root MSE      = {res}   .3401

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0097152{col 37}{space 2} .0146017{col 48}{space 1}   -0.67{col 57}{space 3}0.506{col 65}{space 4}-.0384203{col 78}{space 3}   .01899
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0509036{col 37}{space 2} .0121203{col 48}{space 1}   -4.20{col 57}{space 3}0.000{col 65}{space 4}-.0747307{col 78}{space 3}-.0270764
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0183597{col 37}{space 2} .0023383{col 48}{space 1}    7.85{col 57}{space 3}0.000{col 65}{space 4} .0137629{col 78}{space 3} .0229566
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     11,884    .8604847     .346498          0          1
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 530 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   403{txt}{col 55}Number of obs = {res}   11884
{txt}{col 55}F(  3,   402) = {res}   31.95
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1470.276344{txt}{col 55}Centered R2   = {res}  0.1739
{txt}Total (uncentered) SS   = {res} 1470.276344{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1481.486867{txt}{col 55}Root MSE      = {res}   .3836

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0226279{col 37}{space 2} .0167256{col 48}{space 1}   -1.35{col 57}{space 3}0.177{col 65}{space 4}-.0555084{col 78}{space 3} .0102527
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.043149{col 37}{space 2}  .014093{col 48}{space 1}   -3.06{col 57}{space 3}0.002{col 65}{space 4}-.0708542{col 78}{space 3}-.0154439
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0246768{col 37}{space 2} .0026028{col 48}{space 1}    9.48{col 57}{space 3}0.000{col 65}{space 4}   .01956{col 78}{space 3} .0297937
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.155
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  55.266
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  38.178
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1761           1761 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     11,884     .814793    .3884817          0          1
{txt}{browse `"Table_IA10.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA10.txt""':seeout}

{com}.         
. 
. *******************
. *** TABLE IA.11 ***
. *******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. g pat_clm_ct_ccd=pat_clm_ct
{txt}(7,932 missing values generated)

{com}.         replace pat_clm_ct_ccd=ccd_pat_clm_ct if pat_clm_ct_ccd==.
{txt}(497 real changes made)

{com}. g pat_approved_ccd=patent_approved
{txt}
{com}.         replace pat_approved_ccd=1 if pat_approved_ccd==0 & ccd_appl_id!=""
{txt}(498 real changes made)

{com}. 
. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct_ccd lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filtersCCD, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA11.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct_ccd lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   25.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2711.762609{txt}{col 55}Centered R2   = {res}  0.1575
{txt}Total (uncentered) SS   = {res} 2711.762609{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2706.315622{txt}{col 55}Root MSE      = {res}   .4742

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0088097{col 37}{space 2}  .018892{col 48}{space 1}   -0.47{col 57}{space 3}0.641{col 65}{space 4}-.0459442{col 78}{space 3} .0283249
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0367601{col 37}{space 2} .0141002{col 48}{space 1}   -2.61{col 57}{space 3}0.009{col 65}{space 4}-.0644758{col 78}{space 3}-.0090444
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0234624{col 37}{space 2} .0027587{col 48}{space 1}   -8.50{col 57}{space 3}0.000{col 65}{space 4} -.028885{col 78}{space 3}-.0180397
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     14,001    .0634148    .4789922         -1          3
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   42.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 9305.952073{txt}{col 55}Centered R2   = {res}  0.1693
{txt}Total (uncentered) SS   = {res} 9305.952073{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9194.652697{txt}{col 55}Root MSE      = {res}   .8741

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}  .015227{col 37}{space 2} .0311226{col 48}{space 1}    0.49{col 57}{space 3}0.625{col 65}{space 4}-.0459484{col 78}{space 3} .0764024
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0890916{col 37}{space 2} .0273179{col 48}{space 1}   -3.26{col 57}{space 3}0.001{col 65}{space 4}-.1427885{col 78}{space 3}-.0353948
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0588569{col 37}{space 2} .0053637{col 48}{space 1}  -10.97{col 57}{space 3}0.000{col 65}{space 4}-.0693998{col 78}{space 3}-.0483139
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     14,001    .1429612    .8891446         -1          6
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   39.72
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 16926.58976{txt}{col 55}Centered R2   = {res}  0.1720
{txt}Total (uncentered) SS   = {res} 16926.58976{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16699.58315{txt}{col 55}Root MSE      = {res}   1.178

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .0001668{col 37}{space 2} .0388172{col 48}{space 1}    0.00{col 57}{space 3}0.997{col 65}{space 4}-.0761335{col 78}{space 3} .0764671
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1053436{col 37}{space 2} .0379009{col 48}{space 1}   -2.78{col 57}{space 3}0.006{col 65}{space 4}-.1798427{col 78}{space 3}-.0308446
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0827604{col 37}{space 2} .0077123{col 48}{space 1}  -10.73{col 57}{space 3}0.000{col 65}{space 4}-.0979198{col 78}{space 3}-.0676009
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     14,001    .1923698     1.20026         -1          8
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   36.74
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22899.82325{txt}{col 55}Centered R2   = {res}  0.1749
{txt}Total (uncentered) SS   = {res} 22899.82325{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22693.34715{txt}{col 55}Root MSE      = {res}   1.373

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .0554096{col 37}{space 2} .0488415{col 48}{space 1}    1.13{col 57}{space 3}0.257{col 65}{space 4}-.0405946{col 78}{space 3} .1514138
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1226703{col 37}{space 2} .0421827{col 48}{space 1}   -2.91{col 57}{space 3}0.004{col 65}{space 4}-.2055857{col 78}{space 3}-.0397549
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0940752{col 37}{space 2} .0092731{col 48}{space 1}  -10.14{col 57}{space 3}0.000{col 65}{space 4}-.1123026{col 78}{space 3}-.0758477
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     14,001    .2168712    1.401651         -1          9
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   37.49
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27794.42497{txt}{col 55}Centered R2   = {res}  0.1672
{txt}Total (uncentered) SS   = {res} 27794.42497{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27720.39374{txt}{col 55}Root MSE      = {res}   1.518

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .0821686{col 37}{space 2} .0555126{col 48}{space 1}    1.48{col 57}{space 3}0.140{col 65}{space 4}-.0269486{col 78}{space 3} .1912858
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1323614{col 37}{space 2} .0474645{col 48}{space 1}   -2.79{col 57}{space 3}0.006{col 65}{space 4}-.2256589{col 78}{space 3}-.0390638
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1010051{col 37}{space 2} .0098409{col 48}{space 1}  -10.26{col 57}{space 3}0.000{col 65}{space 4}-.1203487{col 78}{space 3}-.0816615
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     14,001    .2100917    1.541943         -1        9.6
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   18.37
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 5860.366729{txt}{col 55}Centered R2   = {res}  0.1558
{txt}Total (uncentered) SS   = {res} 5860.366729{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5838.594476{txt}{col 55}Root MSE      = {res}   .6965

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0056048{col 37}{space 2} .0289264{col 48}{space 1}   -0.19{col 57}{space 3}0.846{col 65}{space 4}-.0624634{col 78}{space 3} .0512539
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0334782{col 37}{space 2} .0208751{col 48}{space 1}   -1.60{col 57}{space 3}0.110{col 65}{space 4}-.0745109{col 78}{space 3} .0075545
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0251795{col 37}{space 2} .0034404{col 48}{space 1}   -7.32{col 57}{space 3}0.000{col 65}{space 4}-.0319419{col 78}{space 3} -.018417
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.694
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.965
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.817
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     14,001    .1090802    .7028678         -1   4.761422
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   27.47
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 20038.21066{txt}{col 55}Centered R2   = {res}  0.1640
{txt}Total (uncentered) SS   = {res} 20038.21066{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 19950.55055{txt}{col 55}Root MSE      = {res}   1.288

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .0462027{col 37}{space 2} .0481556{col 48}{space 1}    0.96{col 57}{space 3}0.338{col 65}{space 4}-.0484533{col 78}{space 3} .1408587
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0921993{col 37}{space 2} .0440638{col 48}{space 1}   -2.09{col 57}{space 3}0.037{col 65}{space 4}-.1788125{col 78}{space 3}-.0055862
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0640071{col 37}{space 2} .0071486{col 48}{space 1}   -8.95{col 57}{space 3}0.000{col 65}{space 4}-.0780585{col 78}{space 3}-.0499557
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.694
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.965
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.817
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     14,001    .2363185    1.305595         -1          9
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   28.83
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  37052.6606{txt}{col 55}Centered R2   = {res}  0.1721
{txt}Total (uncentered) SS   = {res}  37052.6606{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  36609.2101{txt}{col 55}Root MSE      = {res}   1.744

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .0242574{col 37}{space 2} .0603029{col 48}{space 1}    0.40{col 57}{space 3}0.688{col 65}{space 4}-.0942757{col 78}{space 3} .1427904
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1274164{col 37}{space 2} .0604293{col 48}{space 1}   -2.11{col 57}{space 3}0.036{col 65}{space 4} -.246198{col 78}{space 3}-.0086348
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0991474{col 37}{space 2} .0107027{col 48}{space 1}   -9.26{col 57}{space 3}0.000{col 65}{space 4} -.120185{col 78}{space 3}-.0781098
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.694
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.965
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.817
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     14,001    .3395928    1.777186         -1   12.06833
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   35.93
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 53615.29266{txt}{col 55}Centered R2   = {res}  0.1687
{txt}Total (uncentered) SS   = {res} 53615.29266{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  53227.6817{txt}{col 55}Root MSE      = {res}   2.103

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .1010228{col 37}{space 2}  .073443{col 48}{space 1}    1.38{col 57}{space 3}0.170{col 65}{space 4}-.0433387{col 78}{space 3} .2453844
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1827815{col 37}{space 2} .0680887{col 48}{space 1}   -2.68{col 57}{space 3}0.008{col 65}{space 4}-.3166185{col 78}{space 3}-.0489444
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1337625{col 37}{space 2} .0130862{col 48}{space 1}  -10.22{col 57}{space 3}0.000{col 65}{space 4}-.1594851{col 78}{space 3}-.1080399
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.694
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.965
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.817
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     14,001    .4134953    2.138646         -1    14.1471
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   38.22
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  69231.3675{txt}{col 55}Centered R2   = {res}  0.1653
{txt}Total (uncentered) SS   = {res}  69231.3675{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 68878.78545{txt}{col 55}Root MSE      = {res}   2.392

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2} .1270714{col 37}{space 2} .0870244{col 48}{space 1}    1.46{col 57}{space 3}0.145{col 65}{space 4}-.0439863{col 78}{space 3} .2981291
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2177504{col 37}{space 2}  .077326{col 48}{space 1}   -2.82{col 57}{space 3}0.005{col 65}{space 4}-.3697446{col 78}{space 3}-.0657562
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1514431{col 37}{space 2} .0144074{col 48}{space 1}  -10.51{col 57}{space 3}0.000{col 65}{space 4}-.1797627{col 78}{space 3}-.1231234
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.694
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.965
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.817
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     14,001    .4437676    2.427804         -1   16.14464
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct_ccd lag_app_to_first_action=instrument_lag instrument_ind_claims ) if $filtersCCD, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA11.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct_ccd lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}    5.47
{txt}{col 55}Prob > F      = {res}  0.0011
{txt}Total (centered) SS     = {res} 346.8192035{txt}{col 55}Centered R2   = {res}  0.1393
{txt}Total (uncentered) SS   = {res} 346.8192035{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 351.4514357{txt}{col 55}Root MSE      = {res}   .1709

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0093819{col 37}{space 2} .0073612{col 48}{space 1}   -1.27{col 57}{space 3}0.203{col 65}{space 4}-.0238512{col 78}{space 3} .0050874
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0141957{col 37}{space 2} .0053384{col 48}{space 1}   -2.66{col 57}{space 3}0.008{col 65}{space 4} -.024689{col 78}{space 3}-.0037024
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0032536{col 37}{space 2} .0010755{col 48}{space 1}    3.03{col 57}{space 3}0.003{col 65}{space 4} .0011395{col 78}{space 3} .0053677
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     14,001    .9699307    .1707841          0          1
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   11.54
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 704.3313692{txt}{col 55}Centered R2   = {res}  0.1560
{txt}Total (uncentered) SS   = {res} 704.3313692{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 704.1531197{txt}{col 55}Root MSE      = {res}   .2419

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0041034{col 37}{space 2} .0099342{col 48}{space 1}   -0.41{col 57}{space 3}0.680{col 65}{space 4}-.0236303{col 78}{space 3} .0154235
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.030451{col 37}{space 2} .0088373{col 48}{space 1}   -3.45{col 57}{space 3}0.001{col 65}{space 4}-.0478219{col 78}{space 3}-.0130802
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0074322{col 37}{space 2} .0014607{col 48}{space 1}    5.09{col 57}{space 3}0.000{col 65}{space 4} .0045611{col 78}{space 3} .0103034
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     14,001    .9363617    .2441162          0          1
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   20.23
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1085.977442{txt}{col 55}Centered R2   = {res}  0.1584
{txt}Total (uncentered) SS   = {res} 1085.977442{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1091.964628{txt}{col 55}Root MSE      = {res}   .3012

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0118657{col 37}{space 2} .0125208{col 48}{space 1}   -0.95{col 57}{space 3}0.344{col 65}{space 4}-.0364769{col 78}{space 3} .0127456
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0360698{col 37}{space 2} .0094529{col 48}{space 1}   -3.82{col 57}{space 3}0.000{col 65}{space 4}-.0546506{col 78}{space 3} -.017489
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130536{col 37}{space 2} .0018562{col 48}{space 1}    7.03{col 57}{space 3}0.000{col 65}{space 4}  .009405{col 78}{space 3} .0167022
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     14,001    .8966502     .304426          0          1
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   26.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1430.405369{txt}{col 55}Centered R2   = {res}  0.1682
{txt}Total (uncentered) SS   = {res} 1430.405369{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1438.929386{txt}{col 55}Root MSE      = {res}   .3458

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0143669{col 37}{space 2} .0138939{col 48}{space 1}   -1.03{col 57}{space 3}0.302{col 65}{space 4}-.0416773{col 78}{space 3} .0129434
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0400536{col 37}{space 2}  .010734{col 48}{space 1}   -3.73{col 57}{space 3}0.000{col 65}{space 4}-.0611527{col 78}{space 3}-.0189545
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .018212{col 37}{space 2} .0021688{col 48}{space 1}    8.40{col 57}{space 3}0.000{col 65}{space 4}  .013949{col 78}{space 3} .0224751
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     14,001    .8555817    .3515259          0          1
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 476 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   421{txt}{col 55}Number of obs = {res}   14001
{txt}{col 55}F(  3,   420) = {res}   37.53
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1794.240906{txt}{col 55}Centered R2   = {res}  0.1615
{txt}Total (uncentered) SS   = {res} 1794.240906{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1816.961496{txt}{col 55}Root MSE      = {res}   .3886

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}pat_clm_ct_ccd {c |}{col 25}{res}{space 2}-.0248221{col 37}{space 2} .0158131{col 48}{space 1}   -1.57{col 57}{space 3}0.117{col 65}{space 4}-.0559049{col 78}{space 3} .0062606
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0310115{col 37}{space 2} .0124853{col 48}{space 1}   -2.48{col 57}{space 3}0.013{col 65}{space 4}-.0555529{col 78}{space 3}-.0064701
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0244894{col 37}{space 2}  .002399{col 48}{space 1}   10.21{col 57}{space 3}0.000{col 65}{space 4} .0197738{col 78}{space 3}  .029205
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.745
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  64.913
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.843
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct_ccd lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1912           1912 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     14,001    .8085851    .3934289          0          1
{txt}{browse `"Table_IA11.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA11.txt""':seeout}

{com}. 
. 
. *******************
. *** TABLE IA.12 ***
. *******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag_nc instrument_ind_claims_nc) if $filtersNC, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA12.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   23.08
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2519.786763{txt}{col 55}Centered R2   = {res}  0.1504
{txt}Total (uncentered) SS   = {res} 2519.786763{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2544.769549{txt}{col 55}Root MSE      = {res}   .4731

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0220375{col 37}{space 2} .0205837{col 48}{space 1}   -1.07{col 57}{space 3}0.285{col 65}{space 4}-.0624999{col 78}{space 3} .0184249
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0374664{col 37}{space 2} .0146103{col 48}{space 1}   -2.56{col 57}{space 3}0.011{col 65}{space 4}-.0661867{col 78}{space 3}-.0087461
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0223339{col 37}{space 2} .0027957{col 48}{space 1}   -7.99{col 57}{space 3}0.000{col 65}{space 4}-.0278296{col 78}{space 3}-.0168382
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,281     .062968    .4749269         -1          3
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   38.29
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 8733.803623{txt}{col 55}Centered R2   = {res}  0.1727
{txt}Total (uncentered) SS   = {res} 8733.803623{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 8638.830982{txt}{col 55}Root MSE      = {res}   .8717

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0128189{col 37}{space 2} .0333713{col 48}{space 1}    0.38{col 57}{space 3}0.701{col 65}{space 4}-.0527809{col 78}{space 3} .0784186
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0794867{col 37}{space 2} .0281177{col 48}{space 1}   -2.83{col 57}{space 3}0.005{col 65}{space 4}-.1347592{col 78}{space 3}-.0242143
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0566467{col 37}{space 2} .0054311{col 48}{space 1}  -10.43{col 57}{space 3}0.000{col 65}{space 4}-.0673229{col 78}{space 3}-.0459705
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,281    .1426036    .8867222         -1          6
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   36.13
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 15803.50673{txt}{col 55}Centered R2   = {res}  0.1747
{txt}Total (uncentered) SS   = {res} 15803.50673{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 15681.63925{txt}{col 55}Root MSE      = {res}   1.174

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0228488{col 37}{space 2} .0438865{col 48}{space 1}   -0.52{col 57}{space 3}0.603{col 65}{space 4}-.1091188{col 78}{space 3} .0634213
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0980249{col 37}{space 2} .0387448{col 48}{space 1}   -2.53{col 57}{space 3}0.012{col 65}{space 4}-.1741876{col 78}{space 3}-.0218621
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0789863{col 37}{space 2} .0078069{col 48}{space 1}  -10.12{col 57}{space 3}0.000{col 65}{space 4}-.0943328{col 78}{space 3}-.0636398
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,281    .1910827    1.196195         -1          8
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   33.48
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 21431.28397{txt}{col 55}Centered R2   = {res}  0.1814
{txt}Total (uncentered) SS   = {res} 21431.28397{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 21218.54967{txt}{col 55}Root MSE      = {res}   1.366

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .044605{col 37}{space 2} .0534078{col 48}{space 1}    0.84{col 57}{space 3}0.404{col 65}{space 4}-.0603815{col 78}{space 3} .1495916
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1126017{col 37}{space 2} .0438719{col 48}{space 1}   -2.57{col 57}{space 3}0.011{col 65}{space 4} -.198843{col 78}{space 3}-.0263603
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0912715{col 37}{space 2} .0094842{col 48}{space 1}   -9.62{col 57}{space 3}0.000{col 65}{space 4} -.109915{col 78}{space 3}-.0726279
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,281    .2151438    1.397094         -1          9
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   32.89
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 25873.72877{txt}{col 55}Centered R2   = {res}  0.1774
{txt}Total (uncentered) SS   = {res} 25873.72877{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 25668.70597{txt}{col 55}Root MSE      = {res}   1.503

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .053014{col 37}{space 2} .0611105{col 48}{space 1}    0.87{col 57}{space 3}0.386{col 65}{space 4}-.0671141{col 78}{space 3} .1731421
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1182577{col 37}{space 2} .0492445{col 48}{space 1}   -2.40{col 57}{space 3}0.017{col 65}{space 4}-.2150601{col 78}{space 3}-.0214552
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0964415{col 37}{space 2} .0100076{col 48}{space 1}   -9.64{col 57}{space 3}0.000{col 65}{space 4}-.1161141{col 78}{space 3} -.076769
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,281    .2058891    1.532856         -1        9.6
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   17.14
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 5503.830168{txt}{col 55}Centered R2   = {res}  0.1539
{txt}Total (uncentered) SS   = {res} 5503.830168{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5523.195455{txt}{col 55}Root MSE      = {res}    .697

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0243035{col 37}{space 2} .0313449{col 48}{space 1}   -0.78{col 57}{space 3}0.439{col 65}{space 4}-.0859199{col 78}{space 3} .0373128
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0335716{col 37}{space 2} .0217526{col 48}{space 1}   -1.54{col 57}{space 3}0.124{col 65}{space 4}-.0763318{col 78}{space 3} .0091886
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0252601{col 37}{space 2} .0035721{col 48}{space 1}   -7.07{col 57}{space 3}0.000{col 65}{space 4} -.032282{col 78}{space 3}-.0182383
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.139
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.197
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,281    .1085216    .7010912         -1   4.761422
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   25.52
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19106.85885{txt}{col 55}Centered R2   = {res}  0.1697
{txt}Total (uncentered) SS   = {res} 19106.85885{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18962.60793{txt}{col 55}Root MSE      = {res}   1.291

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0268955{col 37}{space 2} .0513044{col 48}{space 1}    0.52{col 57}{space 3}0.600{col 65}{space 4}-.0739563{col 78}{space 3} .1277474
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0791092{col 37}{space 2} .0448623{col 48}{space 1}   -1.76{col 57}{space 3}0.079{col 65}{space 4}-.1672974{col 78}{space 3} .0090791
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}  -.06427{col 37}{space 2}  .007421{col 48}{space 1}   -8.66{col 57}{space 3}0.000{col 65}{space 4}-.0788579{col 78}{space 3} -.049682
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.139
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.197
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,281    .2377777    1.311361         -1          9
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   26.31
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 34903.40658{txt}{col 55}Centered R2   = {res}  0.1775
{txt}Total (uncentered) SS   = {res} 34903.40658{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 34522.17077{txt}{col 55}Root MSE      = {res}   1.743

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0098969{col 37}{space 2} .0647516{col 48}{space 1}   -0.15{col 57}{space 3}0.879{col 65}{space 4}-.1371825{col 78}{space 3} .1173887
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1155989{col 37}{space 2} .0604287{col 48}{space 1}   -1.91{col 57}{space 3}0.056{col 65}{space 4}-.2343869{col 78}{space 3}  .003189
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0979658{col 37}{space 2} .0111116{col 48}{space 1}   -8.82{col 57}{space 3}0.000{col 65}{space 4}-.1198084{col 78}{space 3}-.0761232
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.139
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.197
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,281     .337774    1.777828         -1   12.06833
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   32.63
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 50361.62715{txt}{col 55}Centered R2   = {res}  0.1784
{txt}Total (uncentered) SS   = {res} 50361.62715{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 49724.61946{txt}{col 55}Root MSE      = {res}   2.091

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0596686{col 37}{space 2} .0811931{col 48}{space 1}    0.73{col 57}{space 3}0.463{col 65}{space 4}-.0999369{col 78}{space 3} .2192741
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1660718{col 37}{space 2} .0685067{col 48}{space 1}   -2.42{col 57}{space 3}0.016{col 65}{space 4} -.300739{col 78}{space 3}-.0314047
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1312937{col 37}{space 2} .0134709{col 48}{space 1}   -9.75{col 57}{space 3}0.000{col 65}{space 4}-.1577741{col 78}{space 3}-.1048133
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.139
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.197
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,281    .4101419    2.134792         -1    14.1471
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   34.06
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 64652.10213{txt}{col 55}Centered R2   = {res}  0.1763
{txt}Total (uncentered) SS   = {res} 64652.10213{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 63865.77882{txt}{col 55}Root MSE      = {res}    2.37

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0683684{col 37}{space 2} .0972346{col 48}{space 1}    0.70{col 57}{space 3}0.482{col 65}{space 4}-.1227706{col 78}{space 3} .2595075
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.202455{col 37}{space 2} .0774817{col 48}{space 1}   -2.61{col 57}{space 3}0.009{col 65}{space 4}-.3547649{col 78}{space 3}-.0501451
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1477762{col 37}{space 2} .0147446{col 48}{space 1}  -10.02{col 57}{space 3}0.000{col 65}{space 4}-.1767604{col 78}{space 3} -.118792
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.139
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.197
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,281    .4363916    2.416244         -1   16.14464
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag_nc instrument_ind_claims_nc ) if $filtersNC, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA12.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}    7.24
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 323.3918506{txt}{col 55}Centered R2   = {res}  0.1143
{txt}Total (uncentered) SS   = {res} 323.3918506{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 338.6149479{txt}{col 55}Root MSE      = {res}   .1726

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0166817{col 37}{space 2}  .008027{col 48}{space 1}   -2.08{col 57}{space 3}0.038{col 65}{space 4}-.0324609{col 78}{space 3}-.0009025
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0164203{col 37}{space 2} .0056005{col 48}{space 1}   -2.93{col 57}{space 3}0.004{col 65}{space 4}-.0274296{col 78}{space 3} -.005411
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0034844{col 37}{space 2} .0011014{col 48}{space 1}    3.16{col 57}{space 3}0.002{col 65}{space 4} .0013193{col 78}{space 3} .0056495
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,281    .9703336    .1696718          0          1
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   12.14
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  659.418814{txt}{col 55}Centered R2   = {res}  0.1533
{txt}Total (uncentered) SS   = {res}  659.418814{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 664.7513358{txt}{col 55}Root MSE      = {res}   .2418

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0113502{col 37}{space 2} .0108144{col 48}{space 1}   -1.05{col 57}{space 3}0.295{col 65}{space 4}-.0326086{col 78}{space 3} .0099082
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0326951{col 37}{space 2} .0091073{col 48}{space 1}   -3.59{col 57}{space 3}0.000{col 65}{space 4}-.0505978{col 78}{space 3}-.0147925
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .007704{col 37}{space 2} .0015142{col 48}{space 1}    5.09{col 57}{space 3}0.000{col 65}{space 4} .0047275{col 78}{space 3} .0106805
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,281    .9369023    .2431477          0          1
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   19.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1019.008025{txt}{col 55}Centered R2   = {res}  0.1471
{txt}Total (uncentered) SS   = {res} 1019.008025{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1045.239998{txt}{col 55}Root MSE      = {res}   .3032

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0225228{col 37}{space 2} .0137039{col 48}{space 1}   -1.64{col 57}{space 3}0.101{col 65}{space 4}-.0494612{col 78}{space 3} .0044156
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0368827{col 37}{space 2} .0099384{col 48}{space 1}   -3.71{col 57}{space 3}0.000{col 65}{space 4}-.0564192{col 78}{space 3}-.0173462
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0130487{col 37}{space 2}  .001912{col 48}{space 1}    6.82{col 57}{space 3}0.000{col 65}{space 4} .0092902{col 78}{space 3} .0168072
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,281    .8971463    .3037791          0          1
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   27.39
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1345.248315{txt}{col 55}Centered R2   = {res}  0.1480
{txt}Total (uncentered) SS   = {res} 1345.248315{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1391.998934{txt}{col 55}Root MSE      = {res}   .3499

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0292229{col 37}{space 2}  .015212{col 48}{space 1}   -1.92{col 57}{space 3}0.055{col 65}{space 4}-.0591259{col 78}{space 3} .0006801
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0427378{col 37}{space 2} .0111563{col 48}{space 1}   -3.83{col 57}{space 3}0.000{col 65}{space 4}-.0646683{col 78}{space 3}-.0208074
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0183371{col 37}{space 2} .0022099{col 48}{space 1}    8.30{col 57}{space 3}0.000{col 65}{space 4} .0139929{col 78}{space 3} .0226812
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,281    .8563361    .3507618          0          1
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 499 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   412{txt}{col 55}Number of obs = {res}   13281
{txt}{col 55}F(  3,   411) = {res}   36.03
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1694.027101{txt}{col 55}Centered R2   = {res}  0.1287
{txt}Total (uncentered) SS   = {res} 1694.027101{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1787.724641{txt}{col 55}Root MSE      = {res}   .3965

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0428828{col 37}{space 2} .0177981{col 48}{space 1}   -2.41{col 57}{space 3}0.016{col 65}{space 4}-.0778696{col 78}{space 3}-.0078961
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0338273{col 37}{space 2} .0130406{col 48}{space 1}   -2.59{col 57}{space 3}0.010{col 65}{space 4} -.059462{col 78}{space 3}-.0081926
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0242248{col 37}{space 2} .0024792{col 48}{space 1}    9.77{col 57}{space 3}0.000{col 65}{space 4} .0193514{col 78}{space 3} .0290983
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  44.172
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  54.153
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  31.609
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_nc instrument_ind_claims_nc
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1858           1858 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,281    .8090505    .3930641          0          1
{txt}{browse `"Table_IA12.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA12.txt""':seeout}

{com}.         
. 
. *******************
. *** TABLE IA.13 ***
. *******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. tab accelerated

{txt}accelerated {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
          0 {c |}{res}     29,768       99.45       99.45
{txt}          1 {c |}{res}        165        0.55      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}     29,933      100.00
{txt}
{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & accelerated==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA13.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   25.85
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2618.786068{txt}{col 55}Centered R2   = {res}  0.1582
{txt}Total (uncentered) SS   = {res} 2618.786068{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2619.169207{txt}{col 55}Root MSE      = {res}   .4739

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0120408{col 37}{space 2} .0192782{col 48}{space 1}   -0.62{col 57}{space 3}0.533{col 65}{space 4}-.0499356{col 78}{space 3}  .025854
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0332807{col 37}{space 2} .0142033{col 48}{space 1}   -2.34{col 57}{space 3}0.020{col 65}{space 4}-.0611999{col 78}{space 3}-.0053616
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} -.023773{col 37}{space 2} .0027794{col 48}{space 1}   -8.55{col 57}{space 3}0.000{col 65}{space 4}-.0292365{col 78}{space 3}-.0183095
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,595    .0637105    .4784247         -1          3
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   41.04
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9089.00578{txt}{col 55}Centered R2   = {res}  0.1727
{txt}Total (uncentered) SS   = {res}  9089.00578{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 8977.587296{txt}{col 55}Root MSE      = {res}   .8774

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0122021{col 37}{space 2} .0309443{col 48}{space 1}    0.39{col 57}{space 3}0.694{col 65}{space 4}-.0486246{col 78}{space 3} .0730288
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.080512{col 37}{space 2} .0277841{col 48}{space 1}   -2.90{col 57}{space 3}0.004{col 65}{space 4}-.1351268{col 78}{space 3}-.0258972
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0593107{col 37}{space 2} .0054545{col 48}{space 1}  -10.87{col 57}{space 3}0.000{col 65}{space 4}-.0700326{col 78}{space 3}-.0485889
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,595    .1439308    .8934808         -1          6
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   39.81
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 16518.79261{txt}{col 55}Centered R2   = {res}  0.1759
{txt}Total (uncentered) SS   = {res} 16518.79261{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16308.69298{txt}{col 55}Root MSE      = {res}   1.183

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0064918{col 37}{space 2} .0390409{col 48}{space 1}   -0.17{col 57}{space 3}0.868{col 65}{space 4}-.0832338{col 78}{space 3} .0702502
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}  -.10126{col 37}{space 2}  .038918{col 48}{space 1}   -2.60{col 57}{space 3}0.010{col 65}{space 4}-.1777605{col 78}{space 3}-.0247595
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0837469{col 37}{space 2}  .007762{col 48}{space 1}  -10.79{col 57}{space 3}0.000{col 65}{space 4}-.0990046{col 78}{space 3}-.0684891
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,595    .1946062    1.206576         -1          8
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   36.76
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22312.70609{txt}{col 55}Centered R2   = {res}  0.1793
{txt}Total (uncentered) SS   = {res} 22312.70609{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 22108.40369{txt}{col 55}Root MSE      = {res}   1.377

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0547087{col 37}{space 2} .0489117{col 48}{space 1}    1.12{col 57}{space 3}0.264{col 65}{space 4}-.0414362{col 78}{space 3} .1508536
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1163155{col 37}{space 2} .0432041{col 48}{space 1}   -2.69{col 57}{space 3}0.007{col 65}{space 4}-.2012411{col 78}{space 3}-.0313899
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0957676{col 37}{space 2} .0094048{col 48}{space 1}  -10.18{col 57}{space 3}0.000{col 65}{space 4}-.1142544{col 78}{space 3}-.0772808
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,595    .2186969     1.40772         -1          9
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   36.62
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27118.51153{txt}{col 55}Centered R2   = {res}  0.1721
{txt}Total (uncentered) SS   = {res} 27118.51153{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27018.03558{txt}{col 55}Root MSE      = {res}   1.522

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0774497{col 37}{space 2} .0557517{col 48}{space 1}    1.39{col 57}{space 3}0.166{col 65}{space 4}-.0321405{col 78}{space 3} .1870399
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}  -.12285{col 37}{space 2} .0486625{col 48}{space 1}   -2.52{col 57}{space 3}0.012{col 65}{space 4} -.218505{col 78}{space 3} -.027195
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} -.101833{col 37}{space 2} .0099895{col 48}{space 1}  -10.19{col 57}{space 3}0.000{col 65}{space 4}-.1214692{col 78}{space 3}-.0821968
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,595    .2133823    1.549358         -1        9.6
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   18.62
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 5715.106597{txt}{col 55}Centered R2   = {res}  0.1587
{txt}Total (uncentered) SS   = {res} 5715.106597{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5692.530383{txt}{col 55}Root MSE      = {res}   .6987

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0059832{col 37}{space 2}  .029721{col 48}{space 1}   -0.20{col 57}{space 3}0.841{col 65}{space 4}-.0644052{col 78}{space 3} .0524388
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0296832{col 37}{space 2} .0212401{col 48}{space 1}   -1.40{col 57}{space 3}0.163{col 65}{space 4}-.0714345{col 78}{space 3} .0120682
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0258483{col 37}{space 2} .0035074{col 48}{space 1}   -7.37{col 57}{space 3}0.000{col 65}{space 4}-.0327427{col 78}{space 3}-.0189538
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.705
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.202
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.349
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,595    .1102178    .7055282         -1   4.761422
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   26.80
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19649.87397{txt}{col 55}Centered R2   = {res}  0.1678
{txt}Total (uncentered) SS   = {res} 19649.87397{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 19553.76975{txt}{col 55}Root MSE      = {res}   1.295

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0445124{col 37}{space 2}  .048475{col 48}{space 1}    0.92{col 57}{space 3}0.359{col 65}{space 4}-.0507741{col 78}{space 3} .1397989
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0809964{col 37}{space 2} .0444201{col 48}{space 1}   -1.82{col 57}{space 3}0.069{col 65}{space 4}-.1683121{col 78}{space 3} .0063194
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0643747{col 37}{space 2} .0072723{col 48}{space 1}   -8.85{col 57}{space 3}0.000{col 65}{space 4}-.0786698{col 78}{space 3}-.0500796
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.705
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.202
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.349
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,595    .2387398    1.314682         -1          9
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   28.43
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 35777.37317{txt}{col 55}Centered R2   = {res}  0.1759
{txt}Total (uncentered) SS   = {res} 35777.37317{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 35349.13039{txt}{col 55}Root MSE      = {res}   1.741

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0200791{col 37}{space 2} .0611911{col 48}{space 1}    0.33{col 57}{space 3}0.743{col 65}{space 4}-.1002032{col 78}{space 3} .1403614
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1179102{col 37}{space 2} .0607475{col 48}{space 1}   -1.94{col 57}{space 3}0.053{col 65}{space 4}-.2373205{col 78}{space 3} .0015002
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0975448{col 37}{space 2} .0106239{col 48}{space 1}   -9.18{col 57}{space 3}0.000{col 65}{space 4} -.118428{col 78}{space 3}-.0766616
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.705
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.202
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.349
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,595    .3399197    1.776352         -1   12.06833
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   35.52
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  51342.4777{txt}{col 55}Centered R2   = {res}  0.1707
{txt}Total (uncentered) SS   = {res}  51342.4777{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 51060.62474{txt}{col 55}Root MSE      = {res}   2.092

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1056513{col 37}{space 2}  .073419{col 48}{space 1}    1.44{col 57}{space 3}0.151{col 65}{space 4}-.0386671{col 78}{space 3} .2499697
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1687996{col 37}{space 2} .0679775{col 48}{space 1}   -2.48{col 57}{space 3}0.013{col 65}{space 4}-.3024218{col 78}{space 3}-.0351774
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.130503{col 37}{space 2} .0129318{col 48}{space 1}  -10.09{col 57}{space 3}0.000{col 65}{space 4}-.1559227{col 78}{space 3}-.1050832
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.705
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.202
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.349
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,595    .4097087    2.128224         -1    14.1471
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   37.47
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 66503.10584{txt}{col 55}Centered R2   = {res}  0.1697
{txt}Total (uncentered) SS   = {res} 66503.10584{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 66158.76016{txt}{col 55}Root MSE      = {res}   2.382

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1239115{col 37}{space 2} .0872626{col 48}{space 1}    1.42{col 57}{space 3}0.156{col 65}{space 4} -.047619{col 78}{space 3} .2954421
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2060119{col 37}{space 2} .0774472{col 48}{space 1}   -2.66{col 57}{space 3}0.008{col 65}{space 4}-.3582485{col 78}{space 3}-.0537753
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1493273{col 37}{space 2} .0144306{col 48}{space 1}  -10.35{col 57}{space 3}0.000{col 65}{space 4}-.1776932{col 78}{space 3}-.1209614
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.705
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.202
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.349
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,595    .4423115    2.420972         -1   16.14464
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & accelerated==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA13.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}    5.26
{txt}{col 55}Prob > F      = {res}  0.0014
{txt}Total (centered) SS     = {res} 331.2388295{txt}{col 55}Centered R2   = {res}  0.1495
{txt}Total (uncentered) SS   = {res} 331.2388295{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 334.1732161{txt}{col 55}Root MSE      = {res}   .1693

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0077712{col 37}{space 2} .0074378{col 48}{space 1}   -1.04{col 57}{space 3}0.297{col 65}{space 4}-.0223916{col 78}{space 3} .0068491
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0140303{col 37}{space 2} .0053656{col 48}{space 1}   -2.61{col 57}{space 3}0.009{col 65}{space 4}-.0245774{col 78}{space 3}-.0034832
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0032173{col 37}{space 2} .0010694{col 48}{space 1}    3.01{col 57}{space 3}0.003{col 65}{space 4} .0011152{col 78}{space 3} .0053194
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     13,595    .9702096    .1700148          0          1
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   11.68
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 678.6840884{txt}{col 55}Centered R2   = {res}  0.1601
{txt}Total (uncentered) SS   = {res} 678.6840884{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 678.1278957{txt}{col 55}Root MSE      = {res}   .2411

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0027327{col 37}{space 2}  .009927{col 48}{space 1}   -0.28{col 57}{space 3}0.783{col 65}{space 4} -.022246{col 78}{space 3} .0167805
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0305376{col 37}{space 2} .0088259{col 48}{space 1}   -3.46{col 57}{space 3}0.001{col 65}{space 4}-.0478866{col 78}{space 3}-.0131886
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0074711{col 37}{space 2} .0014613{col 48}{space 1}    5.11{col 57}{space 3}0.000{col 65}{space 4} .0045986{col 78}{space 3} .0103437
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     13,595    .9365943    .2437001          0          1
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   19.08
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1046.203519{txt}{col 55}Centered R2   = {res}  0.1613
{txt}Total (uncentered) SS   = {res} 1046.203519{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1051.982612{txt}{col 55}Root MSE      = {res}   .3003

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0119474{col 37}{space 2} .0122531{col 48}{space 1}   -0.98{col 57}{space 3}0.330{col 65}{space 4}-.0360332{col 78}{space 3} .0121383
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0357985{col 37}{space 2} .0094657{col 48}{space 1}   -3.78{col 57}{space 3}0.000{col 65}{space 4} -.054405{col 78}{space 3} -.017192
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0127638{col 37}{space 2} .0018717{col 48}{space 1}    6.82{col 57}{space 3}0.000{col 65}{space 4} .0090847{col 78}{space 3} .0164428
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     13,595    .8971681    .3037504          0          1
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   25.78
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1379.841846{txt}{col 55}Centered R2   = {res}  0.1699
{txt}Total (uncentered) SS   = {res} 1379.841846{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1388.354495{txt}{col 55}Root MSE      = {res}    .345

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.014184{col 37}{space 2} .0136234{col 48}{space 1}   -1.04{col 57}{space 3}0.298{col 65}{space 4}-.0409633{col 78}{space 3} .0125952
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0415932{col 37}{space 2} .0107886{col 48}{space 1}   -3.86{col 57}{space 3}0.000{col 65}{space 4}-.0628002{col 78}{space 3}-.0203862
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0177949{col 37}{space 2} .0021632{col 48}{space 1}    8.23{col 57}{space 3}0.000{col 65}{space 4} .0135426{col 78}{space 3} .0220471
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     13,595    .8563442    .3507532          0          1
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 477 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   417{txt}{col 55}Number of obs = {res}   13595
{txt}{col 55}F(  3,   416) = {res}   36.21
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  1731.57499{txt}{col 55}Centered R2   = {res}  0.1589
{txt}Total (uncentered) SS   = {res}  1731.57499{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1760.810085{txt}{col 55}Root MSE      = {res}   .3886

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0269742{col 37}{space 2} .0157351{col 48}{space 1}   -1.71{col 57}{space 3}0.087{col 65}{space 4}-.0579044{col 78}{space 3} .0039559
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0299835{col 37}{space 2} .0126491{col 48}{space 1}   -2.37{col 57}{space 3}0.018{col 65}{space 4}-.0548476{col 78}{space 3}-.0051195
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0240793{col 37}{space 2} .0024038{col 48}{space 1}   10.02{col 57}{space 3}0.000{col 65}{space 4} .0193543{col 78}{space 3} .0288044
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.779
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  63.166
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  37.407
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1879           1879 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     13,595    .8098566    .3924286          0          1
{txt}{browse `"Table_IA13.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA13.txt""':seeout}

{com}.                 
.                 
. *******************
. *** TABLE IA.14 ***
. *******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. g international=appl_eu
{txt}
{com}.         replace international=appl_jp if international==0
{txt}(422 real changes made)

{com}. 
. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & international==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA14.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   16.42
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  1771.78369{txt}{col 55}Centered R2   = {res}  0.1463
{txt}Total (uncentered) SS   = {res}  1771.78369{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1819.543776{txt}{col 55}Root MSE      = {res}   .4564

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.039507{col 37}{space 2}  .026367{col 48}{space 1}   -1.50{col 57}{space 3}0.135{col 65}{space 4}-.0913537{col 78}{space 3} .0123396
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0367172{col 37}{space 2} .0159144{col 48}{space 1}   -2.31{col 57}{space 3}0.022{col 65}{space 4}-.0680104{col 78}{space 3} -.005424
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0206894{col 37}{space 2} .0033035{col 48}{space 1}   -6.26{col 57}{space 3}0.000{col 65}{space 4}-.0271853{col 78}{space 3}-.0141936
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     10,382    .0538741      .45311         -1          3
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   25.59
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 6055.249604{txt}{col 55}Centered R2   = {res}  0.1662
{txt}Total (uncentered) SS   = {res} 6055.249604{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 6014.703448{txt}{col 55}Root MSE      = {res}   .8298

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0200056{col 37}{space 2} .0447146{col 48}{space 1}   -0.45{col 57}{space 3}0.655{col 65}{space 4}  -.10793{col 78}{space 3} .0679188
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0972827{col 37}{space 2} .0327666{col 48}{space 1}   -2.97{col 57}{space 3}0.003{col 65}{space 4}-.1617131{col 78}{space 3}-.0328523
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0500185{col 37}{space 2}  .005949{col 48}{space 1}   -8.41{col 57}{space 3}0.000{col 65}{space 4}-.0617163{col 78}{space 3}-.0383207
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     10,382    .1134523    .8335797         -1          6
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   23.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 10877.82309{txt}{col 55}Centered R2   = {res}  0.1679
{txt}Total (uncentered) SS   = {res} 10877.82309{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 10845.66817{txt}{col 55}Root MSE      = {res}   1.114

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0435626{col 37}{space 2} .0543465{col 48}{space 1}   -0.80{col 57}{space 3}0.423{col 65}{space 4}-.1504266{col 78}{space 3} .0633014
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1124428{col 37}{space 2} .0447343{col 48}{space 1}   -2.51{col 57}{space 3}0.012{col 65}{space 4}-.2004058{col 78}{space 3}-.0244797
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0684709{col 37}{space 2} .0086403{col 48}{space 1}   -7.92{col 57}{space 3}0.000{col 65}{space 4}-.0854607{col 78}{space 3}-.0514811
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     10,382    .1501272    1.120548         -1          8
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   22.58
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 14591.20862{txt}{col 55}Centered R2   = {res}  0.1831
{txt}Total (uncentered) SS   = {res} 14591.20862{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 14446.54028{txt}{col 55}Root MSE      = {res}   1.286

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0108942{col 37}{space 2} .0666274{col 48}{space 1}    0.16{col 57}{space 3}0.870{col 65}{space 4}-.1201183{col 78}{space 3} .1419067
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1350714{col 37}{space 2} .0509288{col 48}{space 1}   -2.65{col 57}{space 3}0.008{col 65}{space 4}-.2352149{col 78}{space 3}-.0349278
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0796641{col 37}{space 2}  .010063{col 48}{space 1}   -7.92{col 57}{space 3}0.000{col 65}{space 4}-.0994514{col 78}{space 3}-.0598767
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     10,382    .1638073    1.305175         -1          9
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   22.10
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 18053.14601{txt}{col 55}Centered R2   = {res}  0.1785
{txt}Total (uncentered) SS   = {res} 18053.14601{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 17887.52132{txt}{col 55}Root MSE      = {res}   1.431

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0225943{col 37}{space 2} .0743584{col 48}{space 1}    0.30{col 57}{space 3}0.761{col 65}{space 4}-.1236199{col 78}{space 3} .1688084
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1254178{col 37}{space 2} .0564335{col 48}{space 1}   -2.22{col 57}{space 3}0.027{col 65}{space 4}-.2363855{col 78}{space 3}-.0144501
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0870407{col 37}{space 2} .0108695{col 48}{space 1}   -8.01{col 57}{space 3}0.000{col 65}{space 4}-.1084139{col 78}{space 3}-.0656675
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     10,382    .1608083    1.448271         -1        9.6
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   11.82
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 4010.611076{txt}{col 55}Centered R2   = {res}  0.1561
{txt}Total (uncentered) SS   = {res} 4010.611076{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 4051.530752{txt}{col 55}Root MSE      = {res}    .681

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.039472{col 37}{space 2} .0435096{col 48}{space 1}   -0.91{col 57}{space 3}0.365{col 65}{space 4}-.1250268{col 78}{space 3} .0460828
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0334204{col 37}{space 2} .0242469{col 48}{space 1}   -1.38{col 57}{space 3}0.169{col 65}{space 4}-.0810982{col 78}{space 3} .0142574
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0240077{col 37}{space 2} .0041471{col 48}{space 1}   -5.79{col 57}{space 3}0.000{col 65}{space 4}-.0321623{col 78}{space 3} -.015853
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.219
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.162
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.469
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     10,382    .1027819    .6800392         -1   4.761422
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   15.90
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 13493.21483{txt}{col 55}Centered R2   = {res}  0.1662
{txt}Total (uncentered) SS   = {res} 13493.21483{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 13414.51128{txt}{col 55}Root MSE      = {res}   1.239

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} -.015218{col 37}{space 2} .0702386{col 48}{space 1}   -0.22{col 57}{space 3}0.829{col 65}{space 4}-.1533313{col 78}{space 3} .1228954
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1291788{col 37}{space 2} .0504527{col 48}{space 1}   -2.56{col 57}{space 3}0.011{col 65}{space 4}-.2283862{col 78}{space 3}-.0299714
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0573773{col 37}{space 2} .0084423{col 48}{space 1}   -6.80{col 57}{space 3}0.000{col 65}{space 4}-.0739777{col 78}{space 3}-.0407768
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.219
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.162
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.469
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     10,382    .2068385    1.244911         -1          9
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   16.36
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  24615.7824{txt}{col 55}Centered R2   = {res}  0.1765
{txt}Total (uncentered) SS   = {res}  24615.7824{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 24414.99187{txt}{col 55}Root MSE      = {res}   1.672

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0291602{col 37}{space 2} .0905414{col 48}{space 1}   -0.32{col 57}{space 3}0.748{col 65}{space 4}-.2071957{col 78}{space 3} .1488754
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1661489{col 37}{space 2} .0684588{col 48}{space 1}   -2.43{col 57}{space 3}0.016{col 65}{space 4}-.3007624{col 78}{space 3}-.0315354
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0887986{col 37}{space 2} .0128676{col 48}{space 1}   -6.90{col 57}{space 3}0.000{col 65}{space 4}-.1141006{col 78}{space 3}-.0634965
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.219
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.162
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.469
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     10,382    .2969288    1.689946         -1   12.06833
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   19.31
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 34226.14374{txt}{col 55}Centered R2   = {res}  0.1781
{txt}Total (uncentered) SS   = {res} 34226.14374{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 34168.59311{txt}{col 55}Root MSE      = {res}   1.978

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1092416{col 37}{space 2} .0993353{col 48}{space 1}    1.10{col 57}{space 3}0.272{col 65}{space 4}-.0860858{col 78}{space 3}  .304569
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2067169{col 37}{space 2} .0811775{col 48}{space 1}   -2.55{col 57}{space 3}0.011{col 65}{space 4}-.3663399{col 78}{space 3}-.0470939
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1150347{col 37}{space 2} .0152818{col 48}{space 1}   -7.53{col 57}{space 3}0.000{col 65}{space 4}-.1450839{col 78}{space 3}-.0849855
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.219
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.162
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.469
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     10,382    .3478633    2.001143         -1    14.1471
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   20.64
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 44024.23451{txt}{col 55}Centered R2   = {res}  0.1858
{txt}Total (uncentered) SS   = {res} 44024.23451{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 43577.49822{txt}{col 55}Root MSE      = {res}   2.233

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}  .067472{col 37}{space 2} .1144165{col 48}{space 1}    0.59{col 57}{space 3}0.556{col 65}{space 4}-.1575102{col 78}{space 3} .2924542
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.2387316{col 37}{space 2} .0892797{col 48}{space 1}   -2.67{col 57}{space 3}0.008{col 65}{space 4}-.4142863{col 78}{space 3}-.0631769
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2} -.128401{col 37}{space 2} .0164024{col 48}{space 1}   -7.83{col 57}{space 3}0.000{col 65}{space 4}-.1606538{col 78}{space 3}-.0961483
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.219
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.162
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.469
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     10,382    .3738094    2.270576         -1   16.14464
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}

{com}. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters & international==0, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA14.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') sortvar(pat_clm_ct lag_app_to_first_action) keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}    4.58
{txt}{col 55}Prob > F      = {res}  0.0036
{txt}Total (centered) SS     = {res} 246.5884434{txt}{col 55}Centered R2   = {res}  0.1418
{txt}Total (uncentered) SS   = {res} 246.5884434{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 255.6713592{txt}{col 55}Root MSE      = {res}   .1711

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0167223{col 37}{space 2} .0111904{col 48}{space 1}   -1.49{col 57}{space 3}0.136{col 65}{space 4}-.0387266{col 78}{space 3}  .005282
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0142033{col 37}{space 2} .0072664{col 48}{space 1}   -1.95{col 57}{space 3}0.051{col 65}{space 4}-.0284916{col 78}{space 3}  .000085
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0041558{col 37}{space 2} .0012521{col 48}{space 1}    3.32{col 57}{space 3}0.001{col 65}{space 4} .0016937{col 78}{space 3} .0066179
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}     10,382    .9704296    .1694071          0          1
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   11.21
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  515.447304{txt}{col 55}Centered R2   = {res}  0.1623
{txt}Total (uncentered) SS   = {res}  515.447304{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  523.548091{txt}{col 55}Root MSE      = {res}   .2448

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0177645{col 37}{space 2} .0152421{col 48}{space 1}   -1.17{col 57}{space 3}0.245{col 65}{space 4}-.0477356{col 78}{space 3} .0122067
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0322416{col 37}{space 2} .0106027{col 48}{space 1}   -3.04{col 57}{space 3}0.003{col 65}{space 4}-.0530902{col 78}{space 3} -.011393
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0091225{col 37}{space 2} .0016741{col 48}{space 1}    5.45{col 57}{space 3}0.000{col 65}{space 4} .0058306{col 78}{space 3} .0124144
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}     10,382    .9356579    .2453732          0          1
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   21.91
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 789.5290358{txt}{col 55}Centered R2   = {res}  0.1766
{txt}Total (uncentered) SS   = {res} 789.5290358{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 794.8512142{txt}{col 55}Root MSE      = {res}   .3016

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0167392{col 37}{space 2} .0186454{col 48}{space 1}   -0.90{col 57}{space 3}0.370{col 65}{space 4}-.0534026{col 78}{space 3} .0199241
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0371418{col 37}{space 2} .0118053{col 48}{space 1}   -3.15{col 57}{space 3}0.002{col 65}{space 4}-.0603551{col 78}{space 3}-.0139286
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0158362{col 37}{space 2}  .002018{col 48}{space 1}    7.85{col 57}{space 3}0.000{col 65}{space 4} .0118681{col 78}{space 3} .0198043
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}     10,382    .8962628    .3049341          0          1
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   29.86
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1046.454669{txt}{col 55}Centered R2   = {res}  0.1868
{txt}Total (uncentered) SS   = {res} 1046.454669{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1051.607146{txt}{col 55}Root MSE      = {res}    .347

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0172155{col 37}{space 2} .0198448{col 48}{space 1}   -0.87{col 57}{space 3}0.386{col 65}{space 4}-.0562372{col 78}{space 3} .0218061
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0421619{col 37}{space 2}  .013618{col 48}{space 1}   -3.10{col 57}{space 3}0.002{col 65}{space 4}-.0689396{col 78}{space 3}-.0153842
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .020884{col 37}{space 2} .0022727{col 48}{space 1}    9.19{col 57}{space 3}0.000{col 65}{space 4} .0164152{col 78}{space 3} .0253529
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}     10,382    .8541707     .352952          0          1
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 568 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   374{txt}{col 55}Number of obs = {res}   10382
{txt}{col 55}F(  3,   373) = {res}   39.88
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1300.580628{txt}{col 55}Centered R2   = {res}  0.1765
{txt}Total (uncentered) SS   = {res} 1300.580628{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1315.997181{txt}{col 55}Root MSE      = {res}   .3881

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0302101{col 37}{space 2} .0230156{col 48}{space 1}   -1.31{col 57}{space 3}0.190{col 65}{space 4}-.0754667{col 78}{space 3} .0150466
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0213209{col 37}{space 2} .0152797{col 48}{space 1}   -1.40{col 57}{space 3}0.164{col 65}{space 4}-.0513661{col 78}{space 3} .0087243
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0279476{col 37}{space 2} .0025723{col 48}{space 1}   10.86{col 57}{space 3}0.000{col 65}{space 4} .0228896{col 78}{space 3} .0330056
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  43.269
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  39.144
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  29.514
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1592           1592 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}     10,382    .8099595    .3923518          0          1
{txt}{browse `"Table_IA14.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA14.txt""':seeout}

{com}.                 
. 
. *******************
. *** TABLE IA.15 ***
. *******************
. 
. use HLR_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5{c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 g nets_imputed=growth`i'_`var'_imp
{txt}  5{com}.                 g delay_imputed=nets_imputed*lag_app_to_first_action
{txt}  6{com}.                 g delay_not_imputed=(1-nets_imputed)*lag_app_to_first_action
{txt}  7{com}.                 g scope_imputed=nets_imputed*pat_clm_ct
{txt}  8{com}.                 g scope_not_imputed=(1-nets_imputed)*pat_clm_ct
{txt}  9{com}.                 g instrument_lag_imputed=instrument_lag*nets_imputed
{txt} 10{com}.                 g instrument_lag_not_imputed=(1-nets_imputed)*instrument_lag
{txt} 11{com}.                 g instrument_clms_imputed=instrument_ind_claims*nets_imputed
{txt} 12{com}.                 g instrument_clms_not_imputed=(1-nets_imputed)*instrument_ind_claims
{txt} 13{com}. 
.                 reghdfe growth`i'_`var'_w $controls (scope_not_imputed scope_imputed delay_not_imputed delay_imputed=instrument_lag_imputed instrument_lag_not_imputed instrument_clms_imputed instrument_clms_not_imputed) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt} 14{com}.                                 local KPFstat=e(widstat)
{txt} 15{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt} 16{com}.                                 local mean=r(mean)
{txt} 17{com}.                                 outreg2 using "Table_IA15.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(scope_not_imputed scope_imputed delay_not_imputed delay_imputed) append noparen nor2
{txt} 18{com}.                 drop nets_imputed
{txt} 19{com}.                 drop delay_imputed delay_not_imputed scope_imputed scope_not_imputed instrument_lag_imputed instrument_lag_not_imputed instrument_clms_imputed instrument_clms_not_imputed
{txt} 20{com}.         {c )-}
{txt} 21{com}. {c )-}
{txt}(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   15.75
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2640.422045{txt}{col 55}Centered R2   = {res}  0.1573
{txt}Total (uncentered) SS   = {res} 2640.422045{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2639.282592{txt}{col 55}Root MSE      = {res}   .4745

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}    growth1_emp_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} -.011961{col 31}{space 2} .0186637{col 42}{space 1}   -0.64{col 51}{space 3}0.522{col 59}{space 4}-.0486473{col 72}{space 3} .0247254
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2}-.0106447{col 31}{space 2} .0210748{col 42}{space 1}   -0.51{col 51}{space 3}0.614{col 59}{space 4}-.0520705{col 72}{space 3} .0307811
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.0356316{col 31}{space 2} .0143183{col 42}{space 1}   -2.49{col 51}{space 3}0.013{col 59}{space 4}-.0637763{col 72}{space 3}-.0074868
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.0310899{col 31}{space 2} .0198874{col 42}{space 1}   -1.56{col 51}{space 3}0.119{col 59}{space 4}-.0701818{col 72}{space 3}  .008002
{txt}{space 3}ln_initial_emp {c |}{col 19}{res}{space 2}-.0230182{col 31}{space 2} .0028004{col 42}{space 1}   -8.22{col 51}{space 3}0.000{col 59}{space 4}-.0285228{col 72}{space 3}-.0175135
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.544
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.105
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  19.106
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}     13,671    .0638181    .4786588         -1          3
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   25.47
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  9159.34247{txt}{col 55}Centered R2   = {res}  0.1720
{txt}Total (uncentered) SS   = {res}  9159.34247{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9045.285324{txt}{col 55}Root MSE      = {res}   .8784

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}    growth2_emp_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .0142983{col 31}{space 2} .0307328{col 42}{space 1}    0.47{col 51}{space 3}0.642{col 59}{space 4}-.0461118{col 72}{space 3} .0747083
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2} .0124669{col 31}{space 2} .0342887{col 42}{space 1}    0.36{col 51}{space 3}0.716{col 59}{space 4}-.0549328{col 72}{space 3} .0798666
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.0913212{col 31}{space 2} .0272621{col 42}{space 1}   -3.35{col 51}{space 3}0.001{col 59}{space 4}-.1449091{col 72}{space 3}-.0377334
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.0661323{col 31}{space 2} .0394075{col 42}{space 1}   -1.68{col 51}{space 3}0.094{col 59}{space 4}-.1435939{col 72}{space 3} .0113293
{txt}{space 3}ln_initial_emp {c |}{col 19}{res}{space 2}-.0574091{col 31}{space 2}   .00545{col 42}{space 1}  -10.53{col 51}{space 3}0.000{col 59}{space 4} -.068122{col 72}{space 3}-.0466962
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.475
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.082
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  19.142
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}     13,671    .1445375    .8939487         -1          6
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   23.97
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  16635.9594{txt}{col 55}Centered R2   = {res}  0.1751
{txt}Total (uncentered) SS   = {res}  16635.9594{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  16414.5285{txt}{col 55}Root MSE      = {res}   1.183

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}    growth3_emp_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2}-.0050442{col 31}{space 2} .0386814{col 42}{space 1}   -0.13{col 51}{space 3}0.896{col 59}{space 4}-.0810784{col 72}{space 3} .0709901
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2}-.0037349{col 31}{space 2} .0436632{col 42}{space 1}   -0.09{col 51}{space 3}0.932{col 59}{space 4}-.0895618{col 72}{space 3} .0820919
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.1163848{col 31}{space 2} .0389831{col 42}{space 1}   -2.99{col 51}{space 3}0.003{col 59}{space 4}-.1930121{col 72}{space 3}-.0397575
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.0770923{col 31}{space 2} .0539766{col 42}{space 1}   -1.43{col 51}{space 3}0.154{col 59}{space 4}-.1831916{col 72}{space 3} .0290071
{txt}{space 3}ln_initial_emp {c |}{col 19}{res}{space 2}-.0798876{col 31}{space 2} .0076925{col 42}{space 1}  -10.39{col 51}{space 3}0.000{col 59}{space 4}-.0950085{col 72}{space 3}-.0647667
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.468
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.080
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  19.175
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}     13,671    .1944078    1.206531         -1          8
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   22.37
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 22464.62229{txt}{col 55}Centered R2   = {res}  0.1785
{txt}Total (uncentered) SS   = {res} 22464.62229{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  22246.6603{txt}{col 55}Root MSE      = {res}   1.378

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}    growth4_emp_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .0505527{col 31}{space 2} .0483442{col 42}{space 1}    1.05{col 51}{space 3}0.296{col 59}{space 4}-.0444753{col 72}{space 3} .1455808
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2} .0625722{col 31}{space 2} .0535352{col 42}{space 1}    1.17{col 51}{space 3}0.243{col 59}{space 4}-.0426596{col 72}{space 3}  .167804
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.1281162{col 31}{space 2} .0427059{col 42}{space 1}   -3.00{col 51}{space 3}0.003{col 59}{space 4}-.2120612{col 72}{space 3}-.0441711
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.0967024{col 31}{space 2} .0622722{col 42}{space 1}   -1.55{col 51}{space 3}0.121{col 59}{space 4} -.219108{col 72}{space 3} .0257032
{txt}{space 3}ln_initial_emp {c |}{col 19}{res}{space 2}-.0909997{col 31}{space 2} .0092875{col 42}{space 1}   -9.80{col 51}{space 3}0.000{col 59}{space 4}-.1092558{col 72}{space 3}-.0727437
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.417
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.165
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  19.102
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}     13,671    .2182241     1.40749         -1          9
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   25.26
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 27282.27927{txt}{col 55}Centered R2   = {res}  0.1733
{txt}Total (uncentered) SS   = {res} 27282.27927{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 27102.31075{txt}{col 55}Root MSE      = {res}    1.52

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}    growth5_emp_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .0586841{col 31}{space 2} .0550741{col 42}{space 1}    1.07{col 51}{space 3}0.287{col 59}{space 4}-.0495727{col 72}{space 3} .1669409
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2} .1060246{col 31}{space 2} .0595331{col 42}{space 1}    1.78{col 51}{space 3}0.076{col 59}{space 4} -.010997{col 72}{space 3} .2230461
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.1231753{col 31}{space 2} .0464755{col 42}{space 1}   -2.65{col 51}{space 3}0.008{col 59}{space 4}-.2145302{col 72}{space 3}-.0318205
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.1191215{col 31}{space 2}   .07095{col 42}{space 1}   -1.68{col 51}{space 3}0.094{col 59}{space 4}-.2585848{col 72}{space 3} .0203418
{txt}{space 3}ln_initial_emp {c |}{col 19}{res}{space 2}-.0945887{col 31}{space 2} .0100347{col 42}{space 1}   -9.43{col 51}{space 3}0.000{col 59}{space 4}-.1143134{col 72}{space 3}-.0748639
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  50.492
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.247
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  19.168
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}     13,671    .2120663    1.548597         -1        9.6
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   12.12
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  5735.31446{txt}{col 55}Centered R2   = {res}  0.1574
{txt}Total (uncentered) SS   = {res}  5735.31446{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5713.994504{txt}{col 55}Root MSE      = {res}   .6982

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}  growth1_sales_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .0227658{col 31}{space 2} .0325655{col 42}{space 1}    0.70{col 51}{space 3}0.485{col 59}{space 4}-.0412467{col 72}{space 3} .0867784
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2}-.0075898{col 31}{space 2} .0298229{col 42}{space 1}   -0.25{col 51}{space 3}0.799{col 59}{space 4}-.0662113{col 72}{space 3} .0510317
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.0524799{col 31}{space 2} .0312701{col 42}{space 1}   -1.68{col 51}{space 3}0.094{col 59}{space 4}-.1139462{col 72}{space 3} .0089863
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.0263236{col 31}{space 2} .0227368{col 42}{space 1}   -1.16{col 51}{space 3}0.248{col 59}{space 4}-.0710163{col 72}{space 3} .0183691
{txt}{space 1}ln_initial_sales {c |}{col 19}{res}{space 2}-.0261148{col 31}{space 2} .0035031{col 42}{space 1}   -7.45{col 51}{space 3}0.000{col 59}{space 4}-.0330007{col 72}{space 3} -.019229
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.541
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.616
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.509
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}     13,671    .1097161    .7043237         -1   4.761422
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   17.00
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 19826.90291{txt}{col 55}Centered R2   = {res}  0.1672
{txt}Total (uncentered) SS   = {res} 19826.90291{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 19731.50589{txt}{col 55}Root MSE      = {res}   1.297

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}  growth2_sales_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .0935464{col 31}{space 2} .0559983{col 42}{space 1}    1.67{col 51}{space 3}0.096{col 59}{space 4} -.016527{col 72}{space 3} .2036198
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2}  .040082{col 31}{space 2} .0489172{col 42}{space 1}    0.82{col 51}{space 3}0.413{col 59}{space 4}-.0560723{col 72}{space 3} .1362363
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.1284923{col 31}{space 2} .0622087{col 42}{space 1}   -2.07{col 51}{space 3}0.039{col 59}{space 4}-.2507731{col 72}{space 3}-.0062114
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.0755745{col 31}{space 2} .0464056{col 42}{space 1}   -1.63{col 51}{space 3}0.104{col 59}{space 4}-.1667918{col 72}{space 3} .0156429
{txt}{space 1}ln_initial_sales {c |}{col 19}{res}{space 2}-.0657945{col 31}{space 2} .0073197{col 42}{space 1}   -8.99{col 51}{space 3}0.000{col 59}{space 4}-.0801825{col 72}{space 3}-.0514066
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.668
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.656
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.633
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}     13,671    .2398037    1.316484         -1          9
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   17.59
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 36140.68538{txt}{col 55}Centered R2   = {res}  0.1768
{txt}Total (uncentered) SS   = {res} 36140.68538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 35701.71156{txt}{col 55}Root MSE      = {res}   1.745

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}  growth3_sales_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .0984685{col 31}{space 2} .0748367{col 42}{space 1}    1.32{col 51}{space 3}0.189{col 59}{space 4}-.0486345{col 72}{space 3} .2455716
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2} .0147988{col 31}{space 2}  .061111{col 42}{space 1}    0.24{col 51}{space 3}0.809{col 59}{space 4}-.1053244{col 72}{space 3} .1349221
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.2427719{col 31}{space 2} .0815325{col 42}{space 1}   -2.98{col 51}{space 3}0.003{col 59}{space 4}-.4030368{col 72}{space 3}-.0825071
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.1026547{col 31}{space 2} .0644186{col 42}{space 1}   -1.59{col 51}{space 3}0.112{col 59}{space 4}-.2292795{col 72}{space 3}   .02397
{txt}{space 1}ln_initial_sales {c |}{col 19}{res}{space 2}-.1000899{col 31}{space 2} .0108308{col 42}{space 1}   -9.24{col 51}{space 3}0.000{col 59}{space 4}-.1213795{col 72}{space 3}-.0788002
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.981
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.779
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.769
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}     13,671    .3408757    1.781185         -1   12.06833
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   21.26
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 51864.78975{txt}{col 55}Centered R2   = {res}  0.1702
{txt}Total (uncentered) SS   = {res} 51864.78975{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 51653.98739{txt}{col 55}Root MSE      = {res}   2.099

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}  growth4_sales_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .2137412{col 31}{space 2} .0930902{col 42}{space 1}    2.30{col 51}{space 3}0.022{col 59}{space 4}  .030758{col 72}{space 3} .3967245
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2} .0989687{col 31}{space 2} .0734191{col 42}{space 1}    1.35{col 51}{space 3}0.178{col 59}{space 4} -.045348{col 72}{space 3} .2432854
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.3488374{col 31}{space 2} .0930506{col 42}{space 1}   -3.75{col 51}{space 3}0.000{col 59}{space 4}-.5317428{col 72}{space 3} -.165932
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.1462448{col 31}{space 2} .0711705{col 42}{space 1}   -2.05{col 51}{space 3}0.041{col 59}{space 4}-.2861414{col 72}{space 3}-.0063482
{txt}{space 1}ln_initial_sales {c |}{col 19}{res}{space 2}-.1332963{col 31}{space 2} .0132198{col 42}{space 1}  -10.08{col 51}{space 3}0.000{col 59}{space 4} -.159282{col 72}{space 3}-.1073107
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.491
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.380
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.365
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}     13,671    .4108583    2.133913         -1    14.1471
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}
(7,932 missing values generated)
(7,932 missing values generated)
(25 missing values generated)
(25 missing values generated)
(185 missing values generated)
(185 missing values generated)
{err}(running historical version of reghdfe)
{res}{txt}(dropped 483 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   419{txt}{col 55}Number of obs = {res}   13671
{txt}{col 55}F(  5,   418) = {res}   23.06
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  67032.7829{txt}{col 55}Centered R2   = {res}  0.1691
{txt}Total (uncentered) SS   = {res}  67032.7829{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 66653.02713{txt}{col 55}Root MSE      = {res}   2.384

{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}  growth5_sales_w{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
scope_not_imputed {c |}{col 19}{res}{space 2} .1654486{col 31}{space 2} .1053957{col 42}{space 1}    1.57{col 51}{space 3}0.117{col 59}{space 4}-.0417229{col 72}{space 3} .3726202
{txt}{space 4}scope_imputed {c |}{col 19}{res}{space 2} .1183181{col 31}{space 2}   .08735{col 42}{space 1}    1.35{col 51}{space 3}0.176{col 59}{space 4}-.0533819{col 72}{space 3} .2900181
{txt}delay_not_imputed {c |}{col 19}{res}{space 2}-.3412661{col 31}{space 2}   .10028{col 42}{space 1}   -3.40{col 51}{space 3}0.001{col 59}{space 4}-.5383821{col 72}{space 3}-.1441501
{txt}{space 4}delay_imputed {c |}{col 19}{res}{space 2}-.1807655{col 31}{space 2} .0803434{col 42}{space 1}   -2.25{col 51}{space 3}0.025{col 59}{space 4}-.3386929{col 72}{space 3}-.0228382
{txt}{space 1}ln_initial_sales {c |}{col 19}{res}{space 2}-.1506288{col 31}{space 2} .0145239{col 42}{space 1}  -10.37{col 51}{space 3}0.000{col 59}{space 4}-.1791778{col 72}{space 3}-.1220798
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  49.576
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  31.583
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  18.490
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 64}<not available>
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}scope_not_imputed scope_imputed delay_not_imputed
{col 23}delay_imputed
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag_imputed instrument_lag_not_imputed
{col 23}instrument_clms_imputed instrument_clms_not_imputed
{hline 78}

Absorbed degrees of freedom:
{hline 18}{c TT}{hline 49}{c TRC}
      Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 18}{c +}{hline 49}{c RT}
        state_num {c |}           51              51              0     {c |} 
      ind_year_fe {c |}            0            1892           1892 *   {c |} 
{hline 18}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}     13,671    .4413326    2.422423         -1   16.14464
{txt}{browse `"Table_IA15.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA15.txt""':seeout}

{com}.         
. 
. *******************
. *** TABLE IA.18 ***
. *******************
. 
. use rejected_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls="ln_initial_`var'"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (lag_app_to_first_action=instrument_lag) if $filtersRejected, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA18.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    3.30
{txt}{col 55}Prob > F      = {res}  0.0381
{txt}Total (centered) SS     = {res} 1043.796481{txt}{col 55}Centered R2   = {res}  0.2094
{txt}Total (uncentered) SS   = {res} 1043.796481{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1045.675566{txt}{col 55}Root MSE      = {res}   .4452

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0532548{col 37}{space 2} .0279531{col 48}{space 1}   -1.91{col 57}{space 3}0.058{col 65}{space 4}-.1082302{col 78}{space 3} .0017207
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0066391{col 37}{space 2} .0034413{col 48}{space 1}   -1.93{col 57}{space 3}0.055{col 65}{space 4}-.0134072{col 78}{space 3}  .000129
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}      6,667   -.0059841    .4454487         -1          3
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    7.58
{txt}{col 55}Prob > F      = {res}  0.0006
{txt}Total (centered) SS     = {res}  3151.62849{txt}{col 55}Centered R2   = {res}  0.1963
{txt}Total (uncentered) SS   = {res}  3151.62849{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 3141.446296{txt}{col 55}Root MSE      = {res}   .7717

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0595272{col 37}{space 2} .0466942{col 48}{space 1}   -1.27{col 57}{space 3}0.203{col 65}{space 4}-.1513611{col 78}{space 3} .0323066
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0238353{col 37}{space 2} .0065465{col 48}{space 1}   -3.64{col 57}{space 3}0.000{col 65}{space 4}-.0367103{col 78}{space 3}-.0109603
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}      6,667    .0043309    .7657579         -1          6
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    5.67
{txt}{col 55}Prob > F      = {res}  0.0038
{txt}Total (centered) SS     = {res} 5840.836725{txt}{col 55}Centered R2   = {res}  0.1984
{txt}Total (uncentered) SS   = {res} 5840.836725{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 5823.376203{txt}{col 55}Root MSE      = {res}   1.051

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0440662{col 37}{space 2} .0584847{col 48}{space 1}   -0.75{col 57}{space 3}0.452{col 65}{space 4}-.1590885{col 78}{space 3} .0709562
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0303767{col 37}{space 2} .0091529{col 48}{space 1}   -3.32{col 57}{space 3}0.001{col 65}{space 4}-.0483777{col 78}{space 3}-.0123756
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}      6,667    .0129674    1.043965         -1          8
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    1.39
{txt}{col 55}Prob > F      = {res}  0.2512
{txt}Total (centered) SS     = {res} 7112.458317{txt}{col 55}Centered R2   = {res}  0.1965
{txt}Total (uncentered) SS   = {res} 7112.458317{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7104.348829{txt}{col 55}Root MSE      = {res}   1.161

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0509359{col 37}{space 2} .0670368{col 48}{space 1}   -0.76{col 57}{space 3}0.448{col 65}{space 4}-.1827777{col 78}{space 3} .0809058
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0151378{col 37}{space 2} .0101317{col 48}{space 1}   -1.49{col 57}{space 3}0.136{col 65}{space 4} -.035064{col 78}{space 3} .0047884
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}      6,667   -.0312894     1.15168         -1          9
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    0.21
{txt}{col 55}Prob > F      = {res}  0.8144
{txt}Total (centered) SS     = {res} 8584.750967{txt}{col 55}Centered R2   = {res}  0.2038
{txt}Total (uncentered) SS   = {res} 8584.750967{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  8580.86302{txt}{col 55}Root MSE      = {res}   1.275

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2} -.015115{col 37}{space 2} .0734317{col 48}{space 1}   -0.21{col 57}{space 3}0.837{col 65}{space 4}-.1595337{col 78}{space 3} .1293037
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0067332{col 37}{space 2} .0110085{col 48}{space 1}   -0.61{col 57}{space 3}0.541{col 65}{space 4}-.0283837{col 78}{space 3} .0149172
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}      6,667   -.0691216    1.271504         -1        9.6
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    1.75
{txt}{col 55}Prob > F      = {res}  0.1749
{txt}Total (centered) SS     = {res} 1855.844853{txt}{col 55}Centered R2   = {res}  0.2021
{txt}Total (uncentered) SS   = {res} 1855.844853{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1858.761643{txt}{col 55}Root MSE      = {res}   .5936

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0561756{col 37}{space 2} .0358508{col 48}{space 1}   -1.57{col 57}{space 3}0.118{col 65}{space 4}-.1266836{col 78}{space 3} .0143324
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0046849{col 37}{space 2} .0041941{col 48}{space 1}   -1.12{col 57}{space 3}0.265{col 65}{space 4}-.0129335{col 78}{space 3} .0035636
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.710
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1015.468
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 390.409
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}      6,667    .0142993     .591148         -1   4.761422
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    5.53
{txt}{col 55}Prob > F      = {res}  0.0043
{txt}Total (centered) SS     = {res}  6105.08282{txt}{col 55}Centered R2   = {res}  0.1987
{txt}Total (uncentered) SS   = {res}  6105.08282{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  6093.64569{txt}{col 55}Root MSE      = {res}   1.075

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0642226{col 37}{space 2} .0650823{col 48}{space 1}   -0.99{col 57}{space 3}0.324{col 65}{space 4}-.1922204{col 78}{space 3} .0637752
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0250651{col 37}{space 2} .0078581{col 48}{space 1}   -3.19{col 57}{space 3}0.002{col 65}{space 4}-.0405196{col 78}{space 3}-.0096106
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.710
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1015.468
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 390.409
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}      6,667    .0520141    1.068084         -1          9
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    8.09
{txt}{col 55}Prob > F      = {res}  0.0004
{txt}Total (centered) SS     = {res}  11982.8901{txt}{col 55}Centered R2   = {res}  0.1963
{txt}Total (uncentered) SS   = {res}  11982.8901{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 11933.15353{txt}{col 55}Root MSE      = {res}   1.504

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0785803{col 37}{space 2} .0942257{col 48}{space 1}   -0.83{col 57}{space 3}0.405{col 65}{space 4}-.2638947{col 78}{space 3} .1067341
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0427571{col 37}{space 2} .0106392{col 48}{space 1}   -4.02{col 57}{space 3}0.000{col 65}{space 4}-.0636813{col 78}{space 3}-.0218328
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.710
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1015.468
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 390.409
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}      6,667    .0929754     1.49246         -1   12.06833
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    5.23
{txt}{col 55}Prob > F      = {res}  0.0058
{txt}Total (centered) SS     = {res} 16267.33344{txt}{col 55}Centered R2   = {res}  0.1922
{txt}Total (uncentered) SS   = {res} 16267.33344{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 16224.09428{txt}{col 55}Root MSE      = {res}   1.754

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1254586{col 37}{space 2} .1047587{col 48}{space 1}   -1.20{col 57}{space 3}0.232{col 65}{space 4}-.3314882{col 78}{space 3}  .080571
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0406855{col 37}{space 2} .0129413{col 48}{space 1}   -3.14{col 57}{space 3}0.002{col 65}{space 4}-.0661372{col 78}{space 3}-.0152337
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.710
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1015.468
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 390.409
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}      6,667    .0838197    1.735748         -1    14.1471
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}    3.73
{txt}{col 55}Prob > F      = {res}  0.0249
{txt}Total (centered) SS     = {res} 20647.88967{txt}{col 55}Centered R2   = {res}  0.1935
{txt}Total (uncentered) SS   = {res} 20647.88967{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 20604.04359{txt}{col 55}Root MSE      = {res}   1.976

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0654582{col 37}{space 2} .1091206{col 48}{space 1}   -0.60{col 57}{space 3}0.549{col 65}{space 4}-.2800664{col 78}{space 3}   .14915
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0425084{col 37}{space 2}   .01558{col 48}{space 1}   -2.73{col 57}{space 3}0.007{col 65}{space 4}-.0731497{col 78}{space 3} -.011867
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.710
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1015.468
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 390.409
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}      6,667    .0703476     1.95762         -1   16.14464
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}

{com}. 
. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (lag_app_to_first_action=instrument_lag ) if $filtersRejected, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA18.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}   23.72
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 309.6351978{txt}{col 55}Centered R2   = {res}  0.2043
{txt}Total (uncentered) SS   = {res} 309.6351978{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 310.3439194{txt}{col 55}Root MSE      = {res}   .2426

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0428971{col 37}{space 2} .0153724{col 48}{space 1}   -2.79{col 57}{space 3}0.006{col 65}{space 4}-.0731301{col 78}{space 3} -.012664
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}  .012657{col 37}{space 2}   .00197{col 48}{space 1}    6.42{col 57}{space 3}0.000{col 65}{space 4} .0087826{col 78}{space 3} .0165313
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}      6,667    .9376031    .2418931          0          1
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}   26.04
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 564.3319013{txt}{col 55}Centered R2   = {res}  0.2117
{txt}Total (uncentered) SS   = {res} 564.3319013{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 559.1495696{txt}{col 55}Root MSE      = {res}   .3256

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2} -.039682{col 37}{space 2} .0191046{col 48}{space 1}   -2.08{col 57}{space 3}0.039{col 65}{space 4}-.0772551{col 78}{space 3}-.0021089
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0204941{col 37}{space 2} .0029395{col 48}{space 1}    6.97{col 57}{space 3}0.000{col 65}{space 4}  .014713{col 78}{space 3} .0262752
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}      6,667    .8789561    .3262028          0          1
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}   45.43
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 773.5624621{txt}{col 55}Centered R2   = {res}  0.2180
{txt}Total (uncentered) SS   = {res} 773.5624621{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 760.4639823{txt}{col 55}Root MSE      = {res}   .3797

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0329966{col 37}{space 2} .0213567{col 48}{space 1}   -1.55{col 57}{space 3}0.123{col 65}{space 4}-.0749989{col 78}{space 3} .0090057
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0315748{col 37}{space 2} .0034133{col 48}{space 1}    9.25{col 57}{space 3}0.000{col 65}{space 4} .0248618{col 78}{space 3} .0382878
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}      6,667    .8227089    .3819435          0          1
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}   91.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  962.414647{txt}{col 55}Centered R2   = {res}  0.2303
{txt}Total (uncentered) SS   = {res}  962.414647{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 938.8176057{txt}{col 55}Root MSE      = {res}   .4219

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0565538{col 37}{space 2} .0246952{col 48}{space 1}   -2.29{col 57}{space 3}0.023{col 65}{space 4} -.105122{col 78}{space 3}-.0079856
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0456728{col 37}{space 2} .0034452{col 48}{space 1}   13.26{col 57}{space 3}0.000{col 65}{space 4} .0388971{col 78}{space 3} .0524485
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}      6,667    .7589621    .4277454          0          1
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 649 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   354{txt}{col 55}Number of obs = {res}    6667
{txt}{col 55}F(  2,   353) = {res}  122.93
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 1097.916378{txt}{col 55}Centered R2   = {res}  0.2475
{txt}Total (uncentered) SS   = {res} 1097.916378{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  1058.58014{txt}{col 55}Root MSE      = {res}    .448

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2} -.042815{col 37}{space 2} .0250485{col 48}{space 1}   -1.71{col 57}{space 3}0.088{col 65}{space 4}-.0920782{col 78}{space 3} .0064481
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0563831{col 37}{space 2} .0036545{col 48}{space 1}   15.43{col 57}{space 3}0.000{col 65}{space 4} .0491958{col 78}{space 3} .0635704
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  81.828
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1016.847
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 389.213
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}            0            1339           1339 *   {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}      6,667    .6974651      .45939          0          1
{txt}{browse `"Table_IA18.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA18.txt""':seeout}

{com}. 
.         
. *******************
. *** TABLE IA.19 ***
. *******************
. 
. use rejected_data, clear
{txt}(Created by the Python stata package.)

{com}. 
. * Cols. 1-5: VC funding
. forvalues i=1/5 {c -(}
{txt}  2{com}.         global controls="ln_rounds_before_patent_FA"
{txt}  3{com}.         global filtersVC="!(made_it_to_next_round_`i'y==0 & first_pat_act_date+365.25*`i'>= Exit_Date)"
{txt}  4{com}.         reghdfe made_it_to_next_round_`i'y $controls (lag_app_to_first_action=instrument_lag) if $filtersRejected & $filtersVC & patent_approved==0, absorb(ind_year_fe state_fe) vce(cluster gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su made_it_to_next_round_`i'y if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA19.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(lag_app_to_first_action ln_rounds_before_patent_FA) append noparen nor2
{txt}  9{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 554 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11227
{txt}{col 55}F(  2,   388) = {res}  119.43
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 239.2391531{txt}{col 55}Centered R2   = {res}  0.3775
{txt}Total (uncentered) SS   = {res} 239.2391531{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 191.1614647{txt}{col 55}Root MSE      = {res}   .1421

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_1y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2} .0013876{col 40}{space 2} .0058401{col 51}{space 1}    0.24{col 60}{space 3}0.812{col 68}{space 4}-.0100946{col 81}{space 3} .0128699
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .2487677{col 40}{space 2} .0161018{col 51}{space 1}   15.45{col 60}{space 3}0.000{col 68}{space 4} .2171099{col 81}{space 3} .2804254
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  92.967
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1759.507
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 500.052
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            1706           1706 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~1y {c |}{res}     11,227    .0281464    .1653985          0          1
{txt}{browse `"Table_IA19.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA19.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 554 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   388{txt}{col 55}Number of obs = {res}   11214
{txt}{col 55}F(  2,   387) = {res}  205.31
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 332.8781237{txt}{col 55}Centered R2   = {res}  0.4247
{txt}Total (uncentered) SS   = {res} 332.8781237{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 245.8309502{txt}{col 55}Root MSE      = {res}   .1612

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_2y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2} -.006804{col 40}{space 2} .0058141{col 51}{space 1}   -1.17{col 60}{space 3}0.243{col 68}{space 4}-.0182353{col 81}{space 3} .0046272
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .3342461{col 40}{space 2} .0167029{col 51}{space 1}   20.01{col 60}{space 3}0.000{col 68}{space 4} .3014063{col 81}{space 3}  .367086
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.346
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1762.241
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 505.286
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            1705           1705 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~2y {c |}{res}     11,214    .0396825     .195221          0          1
{txt}{browse `"Table_IA19.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA19.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 554 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   388{txt}{col 55}Number of obs = {res}   11205
{txt}{col 55}F(  2,   387) = {res}  239.28
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 377.6287548{txt}{col 55}Centered R2   = {res}  0.4355
{txt}Total (uncentered) SS   = {res} 377.6287548{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 275.8022575{txt}{col 55}Root MSE      = {res}   .1708

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_3y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0111861{col 40}{space 2} .0061162{col 51}{space 1}   -1.83{col 60}{space 3}0.068{col 68}{space 4}-.0232111{col 81}{space 3}  .000839
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .3613613{col 40}{space 2} .0167126{col 51}{space 1}   21.62{col 60}{space 3}0.000{col 68}{space 4} .3285024{col 81}{space 3} .3942202
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.445
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1762.208
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 505.531
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            1704           1704 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~3y {c |}{res}     11,205    .0456939    .2088297          0          1
{txt}{browse `"Table_IA19.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA19.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 551 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   388{txt}{col 55}Number of obs = {res}   11197
{txt}{col 55}F(  2,   387) = {res}  255.46
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 400.9489002{txt}{col 55}Centered R2   = {res}  0.4329
{txt}Total (uncentered) SS   = {res} 400.9489002{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 294.5253851{txt}{col 55}Root MSE      = {res}   .1766

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_4y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0144881{col 40}{space 2} .0064845{col 51}{space 1}   -2.23{col 60}{space 3}0.026{col 68}{space 4}-.0272374{col 81}{space 3}-.0017388
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .3692041{col 40}{space 2} .0167812{col 51}{space 1}   22.00{col 60}{space 3}0.000{col 68}{space 4} .3362103{col 81}{space 3} .4021979
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.121
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1755.075
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 503.852
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            1704           1704 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~4y {c |}{res}     11,197    .0487631    .2153819          0          1
{txt}{browse `"Table_IA19.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA19.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 552 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   387{txt}{col 55}Number of obs = {res}   11187
{txt}{col 55}F(  2,   386) = {res}  257.39
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 414.0984669{txt}{col 55}Centered R2   = {res}  0.4286
{txt}Total (uncentered) SS   = {res} 414.0984669{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  306.555121{txt}{col 55}Root MSE      = {res}   .1803

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}  made_it_to_next_round_5y{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0146215{col 40}{space 2} .0064879{col 51}{space 1}   -2.25{col 60}{space 3}0.025{col 68}{space 4}-.0273774{col 81}{space 3}-.0018655
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2}  .370559{col 40}{space 2} .0168264{col 51}{space 1}   22.02{col 60}{space 3}0.000{col 68}{space 4} .3374761{col 81}{space 3} .4036418
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  92.751
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1746.911
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 502.494
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            1702           1702 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
made_it_t~5y {c |}{res}     11,187    .0505051    .2189945          0          1
{txt}{browse `"Table_IA19.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA19.txt""':seeout}

{com}. * Col. 6: IPOs  
. global controls="ln_rounds_before_patent_FA"
{txt}
{com}. reghdfe IPO $controls (lag_app_to_first_action=instrument_lag) if $filtersRejected, absorb(ind_year_fe state_fe) vce(cluster gau) old
{err}(running historical version of reghdfe)
{res}{txt}(dropped 553 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11235
{txt}{col 55}F(  2,   388) = {res}   11.82
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 35.04847587{txt}{col 55}Centered R2   = {res}  0.2302
{txt}Total (uncentered) SS   = {res} 35.04847587{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 34.50316631{txt}{col 55}Root MSE      = {res}  .06034

{txt}{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}                       IPO{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}lag_app_to_first_action {c |}{col 28}{res}{space 2}-.0052314{col 40}{space 2} .0021617{col 51}{space 1}   -2.42{col 60}{space 3}0.016{col 68}{space 4}-.0094814{col 81}{space 3}-.0009813
{txt}ln_rounds_before_patent_FA {c |}{col 28}{res}{space 2} .0270835{col 40}{space 2}  .006158{col 51}{space 1}    4.40{col 60}{space 3}0.000{col 68}{space 4} .0149762{col 81}{space 3} .0391908
{txt}{hline 27}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.048
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1766.970
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 516.090
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Included instruments:{col 23}ln_rounds_before_patent_FA
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 27}{c TT}{hline 49}{c TRC}
               Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 27}{c +}{hline 49}{c RT}
               ind_year_fe {c |}            0            1707           1707 *   {c |} 
                  state_fe {c |}           50              51              1     {c |} 
{hline 27}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}{txt}
{com}.         estimates store IPO
{txt}
{com}.                                 local KPFstat=e(widstat)
{txt}
{com}.                                 su IPO if e(sample)==1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 9}IPO {c |}{res}     11,235    .0040053    .0631637          0          1
{txt}
{com}.                                 local mean=r(mean)
{txt}
{com}.                                 outreg2 using "Table_IA19.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(lag_app_to_first_action ln_rounds_before_patent_FA) append noparen nor2
{txt}{browse `"Table_IA19.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA19.txt""':seeout}

{com}. 
. 
. 
. *******************
. *** TABLE IA.20 ***
. *******************
. 
. use rejected_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var of varlist ln_total_patents_appl ln_total_patents_approved approval_rate ln_all_cites5 ln_mean_cites5 {c -(} 
{txt}  2{com}.         reghdfe `var' (lag_app_to_first_action=instrument_lag) if $filtersRejected, absorb(ind_year_fe state_fe) vce(cluster gau) old
{txt}  3{com}.                 estimates store `var'
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 if "`var'"=="ln_total_patents_appl" su total_patents_appl if e(sample)==1
{txt}  6{com}.                                 if "`var'"=="ln_total_patents_approved" su total_patents_approved if e(sample)==1
{txt}  7{com}.                                 if "`var'"=="approval_rate" su approval_rate if e(sample)==1
{txt}  8{com}.                                 if "`var'"=="ln_all_cites5" su all_cites5 if e(sample)==1
{txt}  9{com}.                                 if "`var'"=="ln_mean_cites5" su mean_cites5 if e(sample)==1
{txt} 10{com}.                                 local mean=r(mean)
{txt} 11{com}.                                 outreg2 using "Table_IA20.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(lag_app_to_first_action) append noparen nor2
{txt} 12{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 553 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11235
{txt}{col 55}F(  1,   388) = {res}   25.38
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 4095.202382{txt}{col 55}Centered R2   = {res}  0.2768
{txt}Total (uncentered) SS   = {res} 4095.202382{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 4019.533085{txt}{col 55}Root MSE      = {res}   .6513

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}  ln_total_patents_appl{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1200167{col 37}{space 2}  .023822{col 48}{space 1}   -5.04{col 57}{space 3}0.000{col 65}{space 4}-.1668531{col 78}{space 3}-.0731803
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.116
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1761.880
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 521.128
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1707           1707 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
total_pate~l {c |}{res}     11,235    1.322741    6.794484          0        265
{txt}{browse `"Table_IA20.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA20.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 553 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11235
{txt}{col 55}F(  1,   388) = {res}   22.12
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2572.386774{txt}{col 55}Centered R2   = {res}  0.2556
{txt}Total (uncentered) SS   = {res} 2572.386774{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2549.827425{txt}{col 55}Root MSE      = {res}   .5187

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}ln_total_patents_appr~d{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0839962{col 37}{space 2} .0178585{col 48}{space 1}   -4.70{col 57}{space 3}0.000{col 65}{space 4}-.1191076{col 78}{space 3}-.0488847
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.116
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1761.880
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 521.128
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1707           1707 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
total_pate~d {c |}{res}     11,235    .7117935    4.051309          0        115
{txt}{browse `"Table_IA20.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA20.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 553 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11235
{txt}{col 55}F(  1,   388) = {res}   14.15
{txt}{col 55}Prob > F      = {res}  0.0002
{txt}Total (centered) SS     = {res} 754.2149072{txt}{col 55}Centered R2   = {res}  0.2048
{txt}Total (uncentered) SS   = {res} 754.2149072{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 749.7418027{txt}{col 55}Root MSE      = {res}   .2813

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          approval_rate{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0382102{col 37}{space 2} .0101562{col 48}{space 1}   -3.76{col 57}{space 3}0.000{col 65}{space 4}-.0581784{col 78}{space 3}-.0182421
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  93.116
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1761.880
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 521.128
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1707           1707 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
approval_r~e {c |}{res}     11,235    .1151646    .2896941          0          1
{txt}{browse `"Table_IA20.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA20.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 552 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11183
{txt}{col 55}F(  1,   388) = {res}   22.41
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 7999.527402{txt}{col 55}Centered R2   = {res}  0.2507
{txt}Total (uncentered) SS   = {res} 7999.527402{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 7908.408768{txt}{col 55}Root MSE      = {res}    .916

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          ln_all_cites5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1581008{col 37}{space 2}  .033401{col 48}{space 1}   -4.73{col 57}{space 3}0.000{col 65}{space 4}-.2237704{col 78}{space 3}-.0924313
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  92.850
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1756.910
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 518.904
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1706           1706 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 2}all_cites5 {c |}{res}     11,183    6.033891    66.99205          0       3326
{txt}{browse `"Table_IA20.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA20.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 552 singleton observations)
{res}{txt}(converged in 8 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   389{txt}{col 55}Number of obs = {res}   11183
{txt}{col 55}F(  1,   388) = {res}   15.92
{txt}{col 55}Prob > F      = {res}  0.0001
{txt}Total (centered) SS     = {res} 2489.479359{txt}{col 55}Centered R2   = {res}  0.2191
{txt}Total (uncentered) SS   = {res} 2489.479359{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 2466.071529{txt}{col 55}Root MSE      = {res}   .5115

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}         ln_mean_cites5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0796651{col 37}{space 2} .0199674{col 48}{space 1}   -3.99{col 57}{space 3}0.000{col 65}{space 4}-.1189229{col 78}{space 3}-.0404072
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  92.850
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}1756.910
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71} 518.904
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73} 16.38
{txt}{col 42}15% maximal IV size{res}{col 73}  8.96
{txt}{col 42}20% maximal IV size{res}{col 73}  6.66
{txt}{col 42}25% maximal IV size{res}{col 73}  5.53
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}lag_app_to_first_action
Excluded instruments:{col 23}instrument_lag
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
            ind_year_fe {c |}            0            1706           1706 *   {c |} 
               state_fe {c |}           50              51              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
* = fixed effect nested within cluster; treated as redundant for DoF computation
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 1}mean_cites5 {c |}{res}     11,183     .589503    2.565782          0   107.8182
{txt}{browse `"Table_IA20.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA20.txt""':seeout}

{com}. 
. 
. ****************************
. *** FIGURE IA.1, PANEL A ***
. ****************************
. 
. use HLR_FigIA1a_Data, clear
{txt}
{com}. grstyle init
{res}{txt}
{com}. grstyle color background white
{txt}
{com}. twoway line min95_ estimate_ max95_ year if parm=="lag_app_to_first_action", subtitle(,fcolor(white) bc(white) size(large)) by(dv, legend(off) yrescale note("") graphregion(fcolor(white)) iy ix rows(1)) legend(off) lc(black black black) lp(dash solid dash) xtitle("Year") graphregion(ifcolor(white)) graphregion(fcolor(white)) yline(0)
{res}{txt}
{com}. graph display, ysize(3) xsize(6)
{res}{txt}
{com}. 
. 
. ****************************
. *** FIGURE IA.1, PANEL B ***
. ****************************
. 
. grstyle init
{res}{txt}
{com}. grstyle color background white
{txt}
{com}. coefplot IPO, bylabel (Filed IPO) || (ln_total_patents_appl), bylabel(Log Patent Applications) || (ln_total_patents_approved), bylabel(Log Patent Approved) || (approval_rate), bylabel(Patent Approval Rate) || (ln_all_cites5), bylabel(Log Citations to Patent Applications) || (ln_mean_cites5), bylabel(Log Citations per Application) ||, drop(avg_clm_wrd_ct pub_clm_ct ln_rounds_before_patent_FA) xline(0) bycoefs byopts(xrescale) graphregion(fcolor(white)) leg(off)
{res}{txt}
{com}. graph display, ysize(3) 
{res}{txt}
{com}. 
. 
. *******************
. *** TABLE IA.21 ***
. *******************
. 
. use second_patent_data, clear
{txt}(Created by the Python stata package.)

{com}. foreach var in emp sales {c -(}
{txt}  2{com}.         forvalues i= 1(1)5 {c -(}
{txt}  3{com}.                 global controls=" ln_initial_`var' dallowed_1"
{txt}  4{com}.                 reghdfe growth`i'_`var'_w $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  5{com}.                                 local KPFstat=e(widstat)
{txt}  6{com}.                                 su growth`i'_`var'_w if e(sample)==1
{txt}  7{com}.                                 local mean=r(mean)
{txt}  8{com}.                                 outreg2 using "Table_IA21.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  9{com}.         {c )-}
{txt} 10{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}    5.59
{txt}{col 55}Prob > F      = {res}  0.0002
{txt}Total (centered) SS     = {res}  1284.00977{txt}{col 55}Centered R2   = {res}  0.2476
{txt}Total (uncentered) SS   = {res}  1284.00977{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 1289.065835{txt}{col 55}Root MSE      = {res}    .555

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth1_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0197705{col 37}{space 2} .0304925{col 48}{space 1}    0.65{col 57}{space 3}0.517{col 65}{space 4}-.0401559{col 78}{space 3} .0796969
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0400619{col 37}{space 2} .0220205{col 48}{space 1}   -1.82{col 57}{space 3}0.070{col 65}{space 4}-.0833385{col 78}{space 3} .0032147
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0254357{col 37}{space 2} .0061144{col 48}{space 1}   -4.16{col 57}{space 3}0.000{col 65}{space 4}-.0374522{col 78}{space 3}-.0134192
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2}-.0025348{col 37}{space 2} .0281199{col 48}{space 1}   -0.09{col 57}{space 3}0.928{col 65}{space 4}-.0577985{col 78}{space 3} .0527288
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.110
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.463
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.453
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}      5,438    .0796441    .5613637         -1          4
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   11.42
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 4025.113865{txt}{col 55}Centered R2   = {res}  0.2515
{txt}Total (uncentered) SS   = {res} 4025.113865{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 4010.279086{txt}{col 55}Root MSE      = {res}   .9789

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth2_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0310932{col 37}{space 2} .0506163{col 48}{space 1}    0.61{col 57}{space 3}0.539{col 65}{space 4}-.0683822{col 78}{space 3} .1305686
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0730586{col 37}{space 2} .0414597{col 48}{space 1}   -1.76{col 57}{space 3}0.079{col 65}{space 4}-.1545389{col 78}{space 3} .0084216
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0690722{col 37}{space 2} .0116791{col 48}{space 1}   -5.91{col 57}{space 3}0.000{col 65}{space 4}-.0920249{col 78}{space 3}-.0461195
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .0374669{col 37}{space 2} .0412347{col 48}{space 1}    0.91{col 57}{space 3}0.364{col 65}{space 4}-.0435709{col 78}{space 3} .1185048
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.110
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.463
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.453
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_em~w {c |}{res}      5,438    .1648786    .9926662         -1          7
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   12.51
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 6937.712345{txt}{col 55}Centered R2   = {res}  0.2420
{txt}Total (uncentered) SS   = {res} 6937.712345{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 6916.558062{txt}{col 55}Root MSE      = {res}   1.286

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth3_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0504078{col 37}{space 2} .0741079{col 48}{space 1}    0.68{col 57}{space 3}0.497{col 65}{space 4}-.0952354{col 78}{space 3} .1960509
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0890002{col 37}{space 2} .0487988{col 48}{space 1}   -1.82{col 57}{space 3}0.069{col 65}{space 4}-.1849038{col 78}{space 3} .0069033
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0916103{col 37}{space 2} .0144599{col 48}{space 1}   -6.34{col 57}{space 3}0.000{col 65}{space 4}-.1200281{col 78}{space 3}-.0631926
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .0697292{col 37}{space 2}  .055428{col 48}{space 1}    1.26{col 57}{space 3}0.209{col 65}{space 4}-.0392026{col 78}{space 3}  .178661
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.110
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.463
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.453
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_em~w {c |}{res}      5,438    .2203625    1.295499         -1   8.666667
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   14.93
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 9601.583592{txt}{col 55}Centered R2   = {res}  0.2480
{txt}Total (uncentered) SS   = {res} 9601.583592{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9510.095407{txt}{col 55}Root MSE      = {res}   1.507

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth4_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0319011{col 37}{space 2} .0919886{col 48}{space 1}    0.35{col 57}{space 3}0.729{col 65}{space 4}-.1488827{col 78}{space 3} .2126848
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1270932{col 37}{space 2} .0560739{col 48}{space 1}   -2.27{col 57}{space 3}0.024{col 65}{space 4}-.2372945{col 78}{space 3} -.016892
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.1041582{col 37}{space 2} .0163449{col 48}{space 1}   -6.37{col 57}{space 3}0.000{col 65}{space 4}-.1362806{col 78}{space 3}-.0720359
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .0654472{col 37}{space 2}  .067348{col 48}{space 1}    0.97{col 57}{space 3}0.332{col 65}{space 4}-.0669108{col 78}{space 3} .1978052
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.110
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.463
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.453
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_em~w {c |}{res}      5,438    .2337902    1.525118         -1   10.33333
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   10.66
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 10939.20415{txt}{col 55}Centered R2   = {res}  0.2518
{txt}Total (uncentered) SS   = {res} 10939.20415{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 10843.16639{txt}{col 55}Root MSE      = {res}    1.61

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}          growth5_emp_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0308659{col 37}{space 2} .1026528{col 48}{space 1}    0.30{col 57}{space 3}0.764{col 65}{space 4}-.1708762{col 78}{space 3}  .232608
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.096496{col 37}{space 2} .0564068{col 48}{space 1}   -1.71{col 57}{space 3}0.088{col 65}{space 4}-.2073514{col 78}{space 3} .0143595
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2}-.0991385{col 37}{space 2}  .018866{col 48}{space 1}   -5.25{col 57}{space 3}0.000{col 65}{space 4}-.1362156{col 78}{space 3}-.0620613
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .0769535{col 37}{space 2} .0733408{col 48}{space 1}    1.05{col 57}{space 3}0.295{col 65}{space 4}-.0671821{col 78}{space 3} .2210892
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.110
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.463
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.453
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_em~w {c |}{res}      5,438    .2067733    1.632665         -1   10.66667
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}    8.78
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res}  3096.91455{txt}{col 55}Centered R2   = {res}  0.1257
{txt}Total (uncentered) SS   = {res}  3096.91455{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 3505.206623{txt}{col 55}Root MSE      = {res}   .9152

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth1_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1348038{col 37}{space 2}  .058419{col 48}{space 1}    2.31{col 57}{space 3}0.021{col 65}{space 4} .0199939{col 78}{space 3} .2496138
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0697402{col 37}{space 2} .0311758{col 48}{space 1}   -2.24{col 57}{space 3}0.026{col 65}{space 4}-.1310094{col 78}{space 3}-.0084709
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0434393{col 37}{space 2} .0081061{col 48}{space 1}   -5.36{col 57}{space 3}0.000{col 65}{space 4}-.0593702{col 78}{space 3}-.0275084
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .0098751{col 37}{space 2} .0477984{col 48}{space 1}    0.21{col 57}{space 3}0.836{col 65}{space 4}-.0840624{col 78}{space 3} .1038126
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.596
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.801
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}      5,438    .1423823    .8587263         -1   6.538803
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   15.52
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 9288.245538{txt}{col 55}Centered R2   = {res}  0.2038
{txt}Total (uncentered) SS   = {res} 9288.245538{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 9713.736442{txt}{col 55}Root MSE      = {res}   1.524

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth2_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1528617{col 37}{space 2} .0856618{col 48}{space 1}    1.78{col 57}{space 3}0.075{col 65}{space 4}-.0154883{col 78}{space 3} .3212116
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1291121{col 37}{space 2} .0554017{col 48}{space 1}   -2.33{col 57}{space 3}0.020{col 65}{space 4}-.2379923{col 78}{space 3} -.020232
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.0947815{col 37}{space 2} .0140498{col 48}{space 1}   -6.75{col 57}{space 3}0.000{col 65}{space 4}-.1223934{col 78}{space 3}-.0671697
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .1353925{col 37}{space 2} .0671752{col 48}{space 1}    2.02{col 57}{space 3}0.044{col 65}{space 4} .0033741{col 78}{space 3} .2674108
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.596
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.801
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth2_sa~w {c |}{res}      5,438    .2975985    1.497989         -1   10.88861
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   13.47
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 18375.93968{txt}{col 55}Centered R2   = {res}  0.2332
{txt}Total (uncentered) SS   = {res} 18375.93968{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 18470.85002{txt}{col 55}Root MSE      = {res}   2.101

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth3_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1475851{col 37}{space 2} .1199014{col 48}{space 1}    1.23{col 57}{space 3}0.219{col 65}{space 4}-.0880554{col 78}{space 3} .3832256
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1508046{col 37}{space 2} .0753212{col 48}{space 1}   -2.00{col 57}{space 3}0.046{col 65}{space 4}-.2988323{col 78}{space 3}-.0027769
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1459634{col 37}{space 2} .0213417{col 48}{space 1}   -6.84{col 57}{space 3}0.000{col 65}{space 4}-.1879059{col 78}{space 3}-.1040209
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .1998421{col 37}{space 2} .1018236{col 48}{space 1}    1.96{col 57}{space 3}0.050{col 65}{space 4}-.0002702{col 78}{space 3} .3999544
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.596
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.801
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth3_sa~w {c |}{res}      5,438    .4306493    2.104918         -1   14.73427
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   15.54
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 24577.64177{txt}{col 55}Centered R2   = {res}  0.2205
{txt}Total (uncentered) SS   = {res} 24577.64177{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 25236.78143{txt}{col 55}Root MSE      = {res}   2.456

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth4_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .2531573{col 37}{space 2} .1445912{col 48}{space 1}    1.75{col 57}{space 3}0.081{col 65}{space 4}-.0310057{col 78}{space 3} .5373202
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2} -.191541{col 37}{space 2} .0853321{col 48}{space 1}   -2.24{col 57}{space 3}0.025{col 65}{space 4}-.3592428{col 78}{space 3}-.0238392
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.1837758{col 37}{space 2} .0255383{col 48}{space 1}   -7.20{col 57}{space 3}0.000{col 65}{space 4}-.2339658{col 78}{space 3}-.1335858
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2}  .163445{col 37}{space 2} .1190835{col 48}{space 1}    1.37{col 57}{space 3}0.171{col 65}{space 4} -.070588{col 78}{space 3} .3974781
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.596
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.801
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth4_sa~w {c |}{res}      5,438    .4770497    2.440191         -1   17.27319
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  4,   447) = {res}   15.76
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 31653.65164{txt}{col 55}Centered R2   = {res}  0.2472
{txt}Total (uncentered) SS   = {res} 31653.65164{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 31621.43682{txt}{col 55}Root MSE      = {res}   2.749

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}        growth5_sales_w{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .1974049{col 37}{space 2} .1555438{col 48}{space 1}    1.27{col 57}{space 3}0.205{col 65}{space 4}-.1082831{col 78}{space 3} .5030929
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.1576105{col 37}{space 2} .0923305{col 48}{space 1}   -1.71{col 57}{space 3}0.089{col 65}{space 4}-.3390663{col 78}{space 3} .0238454
{txt}{space 7}ln_initial_sales {c |}{col 25}{res}{space 2}-.2083648{col 37}{space 2} .0284345{col 48}{space 1}   -7.33{col 57}{space 3}0.000{col 65}{space 4}-.2642468{col 78}{space 3}-.1524828
{txt}{space 13}dallowed_1 {c |}{col 25}{res}{space 2} .2043577{col 37}{space 2} .1268637{col 48}{space 1}    1.61{col 57}{space 3}0.108{col 65}{space 4}-.0449657{col 78}{space 3} .4536811
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.596
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.891
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.801
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_sales dallowed_1
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth5_sa~w {c |}{res}      5,438    .5133815      2.7796         -1   19.32603
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}

{com}. su growth1_emp_w growth2_emp_w growth3_emp_w growth4_emp_w growth5_emp_w growth1_sales_w growth2_sales_w growth3_sales_w growth4_sales_w growth5_sales_w if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
growth1_em~w {c |}{res}      6,076    .0816608    .5745748         -1          4
{txt}growth2_em~w {c |}{res}      6,076    .1663668     1.00768         -1          7
{txt}growth3_em~w {c |}{res}      6,076    .2186712    1.303467         -1   8.666667
{txt}growth4_em~w {c |}{res}      6,076    .2302099    1.528652         -1   10.33333
{txt}growth5_em~w {c |}{res}      6,076    .2019126    1.635572         -1   10.66667
{txt}{hline 13}{c +}{hline 57}
growth1_sa~w {c |}{res}      6,076    .1421831    .8601854         -1   6.538803
{txt}growth2_sa~w {c |}{res}      6,076    .2959474    1.506409         -1   10.88861
{txt}growth3_sa~w {c |}{res}      6,076    .4168026    2.085902         -1   14.73427
{txt}growth4_sa~w {c |}{res}      6,076    .4629588    2.422071         -1   17.27319
{txt}growth5_sa~w {c |}{res}      6,076    .5008785    2.773047         -1   19.32603
{txt}
{com}. 
. forvalues i=1(1)5 {c -(}
{txt}  2{com}.         global controls="ln_initial_emp"
{txt}  3{com}.         reghdfe survive`i' $controls (pat_clm_ct lag_app_to_first_action=instrument_lag instrument_ind_claims) if $filters, absorb(i.state_num ind_year_fe) cluster(gau) old
{txt}  4{com}.                                 local KPFstat=e(widstat)
{txt}  5{com}.                                 su survive`i' if e(sample)==1
{txt}  6{com}.                                 local mean=r(mean)
{txt}  7{com}.                                 outreg2 using "Table_IA21.xls", dec(3) addstat("KP F-stat",`KPFstat',"Mean dep var",`mean') keep(pat_clm_ct lag_app_to_first_action) append noparen nor2
{txt}  8{com}. {c )-}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  3,   447) = {res}    5.44
{txt}{col 55}Prob > F      = {res}  0.0011
{txt}Total (centered) SS     = {res} 132.8040192{txt}{col 55}Centered R2   = {res}  0.1990
{txt}Total (uncentered) SS   = {res} 132.8040192{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 140.9047965{txt}{col 55}Root MSE      = {res}   .1835

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive1{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0180949{col 37}{space 2} .0109537{col 48}{space 1}    1.65{col 57}{space 3}0.099{col 65}{space 4}-.0034323{col 78}{space 3} .0396221
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0156873{col 37}{space 2} .0071004{col 48}{space 1}   -2.21{col 57}{space 3}0.028{col 65}{space 4}-.0296416{col 78}{space 3} -.001733
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0033178{col 37}{space 2} .0021367{col 48}{space 1}    1.55{col 57}{space 3}0.121{col 65}{space 4}-.0008814{col 78}{space 3}  .007517
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.108
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.453
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.461
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}      5,438    .9665318    .1798722          0          1
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  3,   447) = {res}    6.82
{txt}{col 55}Prob > F      = {res}  0.0002
{txt}Total (centered) SS     = {res} 285.3340036{txt}{col 55}Centered R2   = {res}  0.2445
{txt}Total (uncentered) SS   = {res} 285.3340036{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res}  285.125575{txt}{col 55}Root MSE      = {res}    .261

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive2{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0027044{col 37}{space 2} .0149223{col 48}{space 1}    0.18{col 57}{space 3}0.856{col 65}{space 4}-.0266221{col 78}{space 3}  .032031
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0350589{col 37}{space 2} .0100624{col 48}{space 1}   -3.48{col 57}{space 3}0.001{col 65}{space 4}-.0548345{col 78}{space 3}-.0152834
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0076503{col 37}{space 2} .0031128{col 48}{space 1}    2.46{col 57}{space 3}0.014{col 65}{space 4} .0015328{col 78}{space 3} .0137679
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.108
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.453
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.461
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive2 {c |}{res}      5,438    .9249724    .2634601          0          1
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  3,   447) = {res}    8.05
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 419.7137225{txt}{col 55}Centered R2   = {res}  0.2415
{txt}Total (uncentered) SS   = {res} 419.7137225{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 418.9728742{txt}{col 55}Root MSE      = {res}   .3164

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive3{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2} .0064277{col 37}{space 2} .0179367{col 48}{space 1}    0.36{col 57}{space 3}0.720{col 65}{space 4}-.0288229{col 78}{space 3} .0416784
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0317152{col 37}{space 2} .0113361{col 48}{space 1}   -2.80{col 57}{space 3}0.005{col 65}{space 4}-.0539939{col 78}{space 3}-.0094365
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0138573{col 37}{space 2} .0036093{col 48}{space 1}    3.84{col 57}{space 3}0.000{col 65}{space 4}  .006764{col 78}{space 3} .0209505
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.108
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.453
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.461
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive3 {c |}{res}      5,438    .8852519     .318747          0          1
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  3,   447) = {res}   11.05
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 561.0866254{txt}{col 55}Centered R2   = {res}  0.2513
{txt}Total (uncentered) SS   = {res} 561.0866254{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 560.7716393{txt}{col 55}Root MSE      = {res}    .366

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive4{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0100533{col 37}{space 2} .0224623{col 48}{space 1}   -0.45{col 57}{space 3}0.655{col 65}{space 4}-.0541982{col 78}{space 3} .0340915
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0326908{col 37}{space 2} .0137275{col 48}{space 1}   -2.38{col 57}{space 3}0.018{col 65}{space 4}-.0596693{col 78}{space 3}-.0057122
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0203775{col 37}{space 2} .0038279{col 48}{space 1}    5.32{col 57}{space 3}0.000{col 65}{space 4} .0128547{col 78}{space 3} .0279004
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.108
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.453
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.461
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive4 {c |}{res}      5,438    .8350497    .3711699          0          1
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}
{err}(running historical version of reghdfe)
{res}{txt}(dropped 622 singleton observations)
{res}{txt}(converged in 9 iterations)
{res}
{txt}HDFE IV (2SLS) estimation
{hline 25}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on gau

Number of clusters (gau) = {col 33}{res}   448{txt}{col 55}Number of obs = {res}    5438
{txt}{col 55}F(  3,   447) = {res}   14.93
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 685.2245718{txt}{col 55}Centered R2   = {res}  0.2628
{txt}Total (uncentered) SS   = {res} 685.2245718{txt}{col 55}Uncentered R2 = {res}       .
{txt}Residual SS             = {res} 686.9792848{txt}{col 55}Root MSE      = {res}   .4051

{txt}{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               survive5{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}pat_clm_ct {c |}{col 25}{res}{space 2}-.0163807{col 37}{space 2} .0260373{col 48}{space 1}   -0.63{col 57}{space 3}0.530{col 65}{space 4}-.0675515{col 78}{space 3} .0347901
{txt}lag_app_to_first_action {c |}{col 25}{res}{space 2}-.0363774{col 37}{space 2} .0150602{col 48}{space 1}   -2.42{col 57}{space 3}0.016{col 65}{space 4}-.0659749{col 78}{space 3}-.0067799
{txt}{space 9}ln_initial_emp {c |}{col 25}{res}{space 2} .0271792{col 37}{space 2} .0043124{col 48}{space 1}    6.30{col 57}{space 3}0.000{col 65}{space 4} .0187041{col 78}{space 3} .0356543
{txt}{hline 24}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{help ivreg2##idtest:Underidentification test} (Kleibergen-Paap rk LM statistic):{res}{col 71}  48.108
{txt}{col 52}Chi-sq({res}1{txt}) P-val =  {res}{col 73}0.0000
{txt}{hline 78}
{help ivreg2##widtest:Weak identification test} (Cragg-Donald Wald F statistic):{res}{col 71}  32.453
{txt}                         (Kleibergen-Paap rk Wald F statistic):{res}{col 71}  25.461
{txt}Stock-Yogo weak ID test critical values:{res}{txt}{col 42}10% maximal IV size{res}{col 73}  7.03
{txt}{col 42}15% maximal IV size{res}{col 73}  4.58
{txt}{col 42}20% maximal IV size{res}{col 73}  3.95
{txt}{col 42}25% maximal IV size{res}{col 73}  3.63
{txt}Source: Stock-Yogo (2005).  Reproduced by permission.
NB: Critical values are for Cragg-Donald F statistic and i.i.d. errors.
{hline 78}
{help ivreg2##overidtests:Hansen J statistic} (overidentification test of all instruments):{res}{col 71}   0.000
{txt}{col 50}(equation exactly identified)
{hline 78}
Instrumented:{col 23}pat_clm_ct lag_app_to_first_action
Included instruments:{col 23}ln_initial_emp
Excluded instruments:{col 23}instrument_lag instrument_ind_claims
{hline 78}

Absorbed degrees of freedom:
{hline 24}{c TT}{hline 49}{c TRC}
            Absorbed FE {c |}  Num. Coefs.  =   Categories  -   Redundant     {c |} 
{hline 24}{c +}{hline 49}{c RT}
              state_num {c |}           51              51              0     {c |} 
            ind_year_fe {c |}         1198            1199              1     {c |} 
{hline 24}{c BT}{hline 49}{c BRC}
{res}
{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive5 {c |}{res}      5,438     .780434    .4139907          0          1
{txt}{browse `"Table_IA21.xls"'}
{browse `"C:\Users\al.4190\AL Lab Dropbox\Alexander Ljungqvist (alexander.ljungqvist)\Scope_Timing\RFS"' :dir}{com} : {txt}{stata `"seeout using "Table_IA21.txt""':seeout}

{com}. su survive1-survive5 if (patent_approved==1 & pat_clm_ct!=. & lag_app_to_first_action!=.)

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 4}survive1 {c |}{res}      6,076    .9656024    .1822633          0          1
{txt}{space 4}survive2 {c |}{res}      6,076    .9233048    .2661291          0          1
{txt}{space 4}survive3 {c |}{res}      6,076    .8826531    .3218597          0          1
{txt}{space 4}survive4 {c |}{res}      6,076    .8321264    .3737848          0          1
{txt}{space 4}survive5 {c |}{res}      6,076    .7768269    .4164078          0          1
{txt}
{com}. 
. 
. capture log close
{smcl}
{com}{sf}{ul off}